Dorian LPG Soars Past Q4 Earnings Estmates, CEO Calls It The 'Best Financial Year'

Dorian LPG Ltd LPG reported revenue growth of 67.9% year-over-year for the fourth-quarter of 2023.

• Revenue hovered at around $133.6 million, beating the consensus of $111.3 million.
• Average Time Charter Equivalent (TCE) rate rose to $68,135 from $43,372 in the prior year, driven by higher spot rates and lower bunker costs.
• Fleet utilization for the quarter was 95.7% versus 89.3% last year.
• Adjusted EPS of $1.94 beat the consensus of $1.30.
• Daily vessel operating expenses rose to $10,528 from $9,370 in the prior year quarter.
• Charter hire expenses rose 32.8% Y/Y to $7.2 million on the increase in time chartered-in days. 
• General and administrative expenses were up 8.3% Y/Y to $7.5 million due to predelivery costs of $0.5 million related to the dual-fuel VLGC. 
• Adjusted EBITDA improved significantly to $102.1 million from $54.1 million a year ago.
• Dorian CEO John Hadjipateras claimed that the company's fourth quarter "marked the culmination of the best financial year" in Dorian history.
• "Strong chartering results and a solid balance sheet enabled us to return nearly $225 million to our shareholders during fiscal year 2023," he said. "Our commitment to sensible and environmentally sustainable investment is evidenced by the addition of three dual-fuel VLGCs so far with a fourth coming later this year."

Price Action: LPG shares are trading higher by 2.47% at $24.44 premarket on the last check Wednesday.

Image: Dorian LPG