StealthGas Inc. (GASS) stock plummeted 18.95% in the after-hours trading session at the price of $2.08 despite no recent developments. The last published news was its second quarter and six months of 2021 financial results. GASS is an international ship-owning company that provides liquefied petroleum gas (LPG) to the shipping industries globally.
GASS Second Quarter and Six Months 2021 Financial Results
On 25th August 2021, GASS published its financial and operating results for the second quarter and six months ended 30th June 2021.
Board Chairman, Michael Jolliffe, remarked that they have raised total revenues and reduced their commercial off-hire during their 2021 second quarter. They have also enlarged period charters and decreased the number of spot vessels reaching pre-pandemic levels. These six additional vessels increased their operating cost base compared to the same quarter of the previous year. The additional costs resulted from the COVID-19 pandemic and crew medical expenses. Their strong fleet across the broader LPG spectrum had further enhanced by a recent deal to sell two small LPG vessels and low debt levels. It will enable them to gain leverage regardless of the global economic crises caused by the recent COVID-19 pandemic escalation, he concluded.
Second Quarter 2021 Financial Highlights
GASS reported revenues of $39.2 million for the three months ended on 30th June 2021. It represents a $2.9 million gain from $36.3 million for the same quarter ended 30th June 2020. The company reported a net income of $1.6 million for the three months ended on 30th June 2021. The net income was $8.9 million for the same quarter of the previous year.
Earnings per basic and diluted share was $0.04 for the three months ended on 30th June 2021. The earnings per share were $0.23 for the same quarter of 2020. Adjusted net income was $4.8 million or $0.13 per share for the second quarter of 2021 compared to $9.5 million or $0.25 per share for the same period of 2020.
Six Months 2021 Earnings Report
GASS reported revenues of $76.7 million for the six months ended on 30th June 2021. It represents a $6.1 million gain from $70.6 million for the six months ended 30th June 2020. The company reported a net income of $2.4 million for the six months ended on 30th June 2021. Net income was $11.9 million for the same period of 2020. Earnings per share totaled $0.06 for the six months ended on 30th June 2021. For the same period of 2020, reported earnings per share were $0.31.
