StealthGas reports Q1 adjusted EPS 53c vs 45c last year

Reports Q1 revenue $41.564M vs $38.063M last year. CEO Harry Vafias commented, “Today we announce yet another record breaking quarter. Profits of $17.7 million for the first quarter of 2024 are an all time high for our company in the 20 years since its inception. These exceptional results were mainly driven by higher revenues and reduced expenses, and the two MGC vessels that were added to the fleet immediately started producing results. The reduced share count as a result of the share buybacks further enhances the bottom line on an earnings per share basis. In the current quarter we have so far repaid over $53 million of debt and now have 23 unencumbered vessels and a debt ratio below 15%. We continue to benefit from the positive market backdrop and we look forward to continue rewarding our shareholders’ trust with more positive quarters.”