StealthGas (NASDAQ: GASS) reported Q4 EPS of $0.01, $0.02 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $35.16 million versus the consensus estimate of $32.76 million.

Fourth Quarter 2019 Results:

• Revenues for the three months ended December 31, 2019 amounted to $35.2 million, a decrease of $3.3 million, or 8.6%, compared to revenues of $38.5 million for the three months ended December 31, 2018, mainly as a result of the strategic reduction of our average owned fleet by seven vessels, one less charter-in vessel and relatively low revenue stemming from the Asian spot market.
• Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2019 were $4.1 million and $12.6 million respectively, compared to $5.0 million and $14.6 million respectively, for the three months ended December 31, 2018. The $0.9 million decrease in voyage expenses was mainly attributed to a 32.3% quarter-on-quarter reduction of spot days. The 13.7% decrease in vessels’ operating expenses compared to the same period of 2018, is mainly attributed to the net reduction of our average owned fleet by seven vessels. The reduction in operating expenses however was as a percentage far higher than the reduction in our revenues attributed to the decrease in the size of our fleet.
• Drydocking costs for the three months ended December 31, 2019 and 2018 were $0.4 million and $0.6 million, respectively. One drydocking was completed during the fourth quarter of 2019 and one drydocking was completed in the same period of 2018.
• General and Administrative expenses for the three months ended December 31, 2019 amounted to $0.6 million compared to $1.0 million in the same period of last year. This decrease is attributed to the fact that for the three months ended December 31, 2018 stock compensation costs were incurred, which was not the case for the three months ended December 31, 2019.
• Depreciation for the three months ended December 31, 2019 was $9.3 million, a $0.8 million decrease from $10.1 million for the same period of last year due to the decrease in the average number of our vessels.
• The Company recorded an impairment loss of $1.0 million for two of its oldest vessels.
• Interest and finance costs for the three months ended December 31, 2019 and 2018 were $4.5 million and $6.0 million respectively. The $1.5 million decrease from the same period of last year was mostly due to the decrease of our leverage and the decline of LIBOR rates.
• As a result of the above, for the three months ended December 31, 2019, the Company reported net income of $0.5 million, compared to a net loss of $5.3 million for the three months ended December 31, 2018. The weighted average number of shares for the three months ended December 31, 2019 and December 31, 2018 was 39.7 million and 39.9 million, respectively.
• Earnings per share, basic and diluted, for the three months ended December 31, 2019 amounted to $0.01 compared to loss per share of $0.13 for the same period of last year.
• Adjusted net income was $1.5 million or $0.04 earnings per share for the three months ended December 31, 2019 compared to adjusted net loss of $1.8 million or $0.04 loss per share for the same period of last year.
• EBITDA for the three months ended December 31, 2019 amounted to $14.2 million. Reconciliations of Adjusted Net (Loss)/Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
• An average of 41.0 vessels were owned by the Company during the three months ended December 31, 2019, compared to 48.1 vessels for the same period of 2018.

For earnings history and earnings-related data on StealthGas (GASS) click here.