Dorian LPG Stock Surges After Strong Q2 Results

Dorian LPG Ltd LPG reported second-quarter revenue growth of 15.3% year-over-year to $63.1 million, beating the consensus of $54.19 million.
Time Charter Equivalent rate was $30,996 compared to $26,015 for 2Q21, increasing 19.1% Y/Y driven by increased bunker costs.
Adjusted EPS improved to $0.25 from $(0.07) in 2Q21, beating the consensus of $0.11.
Total expenses for the quarter declined by 3.8% Y/Y to $48.02 million.
The operating income improved to $19.12 million, compared to $5.41 million a year ago, and the margin expanded by 2,040 bps to 30.3%.
Adjusted EBITDA improved to $37.92 million compared to $22.29 million a year ago, and margin expanded by 1,935 to 60.1%.
Fleet utilization for the quarter was at 95.7% versus 97.4% last year. Daily vessel operating expenses declined by 13% to $9,210.
Price Action: LPG shares are trading higher by 10.9% at $13.74 on the last check Wednesday.