StealthGas, Inc. (NASDAQ:GASS) Q3 2024 Earnings Conference Call November 25, 2024 10:00 AM ET

Company Participants

Michael Jolliffe - Chairman of the Board
Konstantinos Sistovaris - Chief Financial Officer
Harry Vafias - President and Chief Executive Officer

Operator

Good day and thank you for standing by. Welcome to the StealthGas Third Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Michael Jolliffe. Please go ahead.

Michael Jolliffe

Good morning, everyone, and welcome to our third quarter 2024 earnings conference call and webcast. I am Michael Jolliffe, Chairman of the Board of Directors and joining me on our call today, as usual, is our CEO, Harry Vafias, to discuss the market and the company outlook and Konstantinos Sistovaris to discuss the financial aspects.

Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance. So if you could all take a moment to read our Disclaimer on Slide 2 of this presentation, I should be grateful. Risks are further disclosed in the StealthGas's filing with the Securities and Exchange Commission.

So let's proceed to discuss these results and update you on the company's strategy and the market in general starting with Slide 3 for some highlights. Today, we released our results for the third quarter and nine months 2024. It was admittedly a successful quarter despite the seasonally weaker summer months. We did not manage to break the previous quarter's record, but we have reported the most profitable nine months ever.

Revenues came in at a solid $40.4 million slightly down by 3% from the previous quarter, but considerably higher by 17% for the year earlier. The reported net income on an adjusted basis for the third quarter was $14.2 million compared to $12 million last year, 18% higher. Adjusted profit for the first three quarters of this year reached a record $61 million.

In terms of earnings per share, on an adjusted basis, these were $0.38 for the quarter, 23% higher and $1.67 for the nine-month period, marking a 61% increase over the nine-month period. This was also assisted by the reduced share count as a result of share repurchases over the last one year. We did not buyback any shares during the third quarter, so there is about $5.5 million left authorized for share repurchases.