StealthGas (GASS) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenues of $167.3 million for 2024, up 17%–27% year-over-year, and record adjusted net income of $77.3 million, marking the third consecutive year of record profits.

• Adjusted EPS reached $0.44 for Q4 and $2.11 for the year; basic EPS for 2024 was $1.91.

• Net debt reduced to near zero, with only two vessels mortgaged and cash nearly equaling debt at year-end.

• Share repurchase program expanded to $30 million, with $19.4 million repurchased to date.

• Focused on deleveraging, optimizing cash flow, and maintaining a strong balance sheet.

Financial highlights

• Q4 net revenues rose 31% year-over-year to $43.5 million; full-year net revenues up 19% to $155.6 million.

• Q4 adjusted net income increased 60% to $16.4 million; full-year adjusted net income up 53% to $77.3 million.

• Adjusted EBITDA reached $108.8 million for 2024, a record high.

• Operating expenses for the year fell 6% to $49.8 million, reflecting a leaner fleet.

• Cash and cash equivalents at year-end were $84.5 million, supporting strong liquidity.

Outlook and guidance

• 70% of 2025 fleet days are covered, securing over $200 million in contracted revenues.

• Management remains optimistic but cautious due to ongoing geopolitical risks and market volatility.

• Focus on modernizing fleet, securing revenues, and de-risking business.