StealthGas Inc.(GASS), a ship-owning company serving the LPG sector, Friday reported a return to profits for the second quarter compared to a loss last year, helped by lower voyage and operating costs, gain on sale of vessel, and a lower derivative loss. The company's earnings as well as revenues for the quarter exceeded Street analysts' expectations.
The company reported second quarter net income of $7.20 million or $0.35 per share, compared to net loss of $3.60 million or a loss $0.17 per share for the year-ago quarter.
Excluding items, adjusted income for the the second quarter was $6.5 million or $0.31 per share, compared to $3.4 million or $0.16 per share in the prior year.
On average, two analysts polled by Thomson Reuters expected the company to earn $0.29 per share for the second quarter. Analyst estimates typically exclude special items.
Total revenues for the second quarter were $29.15 million, falling from $31.37 million in the same quarter last year, due mainly to a reduced fleet count. Two analysts had a consensus revenue estimate of $28.70 million for the quarter.
Shares of StealthGas are currently trading at $6.17, up 12 cents or 1.98%, on the Nasdaq
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