Stealthgas Inc. (GASS), a ship-owning company in the LPG sector, Monday announced a decline in third-quarter earnings, despite an increase in revenues compared to the prior year. Following the announcements, shares are down 4.08 percent to reach $5.80 on a volume of 123,339.
The Athens, Greece-based company's quarterly earnings were $12.1 million, down from $15.7 million in the previous year. On a per share basis, earnings were $0.33, lower than $0.41 reported last year. On an adjusted basis, earnings were $12.0 million or $0.31 per share.
The company noted that drydocking costs for the quarter increased to $2.9 million, from $0.06 million last year. Drydocking had reduced fleet utilization.
Revenue for the quarter increased to $40.4 million, up from $34.7 million a year ago.
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