Dorian LPG Q2 revenue beats estimates on higher spot rates
LPG•Dorian LPG reported fiscal second-quarter revenue of $221.3 million, above the $187.93 million analyst consensus, and EPS of $4.98. Higher spot rates lifted time charter equivalent rates by 80.5%, while vessel-sale gains contributed $63.6 million to net income.
1. Quarterly results
Dorian LPG’s fiscal second-quarter revenue rose year over year to $221.3 million, beating the $187.93 million consensus estimate. The company reported EPS of $4.98, net income of $213.9 million and adjusted EBITDA of $242 million.
2. What drove results
An 80.5% increase in time charter equivalent rates helped boost revenue and earnings. Gains from selling two very large gas carriers contributed $63.6 million to net income, while lower vessel operating expenses, mainly from reduced drydock-related costs, also supported results.
3. Market outlook
The company expects continued market volatility from geopolitical tensions and supply chain disruptions. It cited longer trade routes and Panama Canal congestion as support for elevated freight rates, and noted moderate global VLGC fleet expansion and a growing orderbook through 2030.
