UPDATE: Dorian LPG (LPG) Misses Q3 EPS by 8c, Revenues Miss; Boosts Share Buyback by Additional $50M
Dorian LPG (NYSE: LPG) reported Q3 EPS of $0.63, $0.08 worse than the analyst estimate of $0.71. Revenue for the quarter came in at $85.4 million versus the consensus estimate of $93.37 million.
Highlights for the Third Quarter Fiscal Year 2020
- Revenues of $85.4 million and Time Charter Equivalent ("TCE")(1) rate for our fleet of $43,410 for the three months ended December 31, 2019, compared to revenues of $55.1 million and TCE rate for our fleet of $30,108 for the three months ended December 31, 2018.
- Net income of $35.6 million, or $0.66 earnings per diluted share ("EPS"), and adjusted net income(1) of $34.2 million, or $0.63 adjusted earnings per diluted share ("adjusted EPS"),(1) for the three months ended December 31, 2019.
- Adjusted EBITDA(1) of $59.9 million for the three months ended December 31, 2019.
- Completed the installation of exhaust gas cleaning systems (commonly referred to as "scrubbers") on the Constellation, Cresques) and the Copernicus(2)
- Time chartered-in the 2020-built, hybrid scrubber-fitted Future Diamond(3) to our fleet with an expiration during the first calendar quarter of 2023.
- Repurchased $8.6 million of shares of our common stock during the three months ended December 31, 2019 under the $50 million stock repurchase program our Board of Directors authorized on August 5, 2019.
- Board of Directors authorized an increase to our stock repurchase program to repurchase up to an additional $50 million of our common stock.
John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, "Rates are healthy and the VLGC orderbook has been stable. With a young, fuel-efficient fleet, more than half of which will be scrubber equipped in the coming months, IMO 2020 has strengthened our market position. Quarterly revenue has increased 55%, while adjusted EBITDA has more than doubled compared to the same period last year. Our Board's decision to increase the repurchase authorization reflects our constructive view of the industry outlook and our disciplined approach to capital allocation where we see discounts to our intrinsic value."
For earnings history and earnings-related data on Dorian LPG (LPG) click here.