StealthGas Q3 Results Surpass Estimates

StealthGas Inc. GASS reported third-quarter revenue increased by 1.1% year-over-year to $37.5 million, beating the consensus of $31.79 million.
Fleet utilization was 97.4% - with 101 days of technical off hire for the quarter, and fleet operational utilization was 94.1%.
Operating income increased to $3.3 million, compared to $3.2 million in 3Q20. Total expenses increased by 1%.
Adjusted EPS decreased to $0.05 from $0.08 in 3Q20, beating the consensus of $0.04.
Due to higher voyage and operating costs, Adjusted EBITDA decreased by 7.5% Y/Y to $14.57 million. Adjusted EBITDA margin contracted by 360 bps to 38.9%.
StealthGas generated cash from operating activities year-to-date of $31.54 million, compared to $50.97 million a year ago. The company's cash and equivalents stood at $57.3 million at the end of the quarter.
StealthGas secured 77% of fleet days on period charters for 1Q22, with total fleet employment days generating ~$66 million in contracted revenues. Period coverage for the remainder of 4Q21' is 93%.
The company completed the spin-off of four tankers on December 3, 2021, to a new listed entity called Imperial Petroleum Inc.
For 2022, the company has about 39% of fleet days secured under period contracts.
Price Action: GASS shares are trading lower by 0.41% at $2.45 on the last check Wednesday.