I'm LongbridgeAI, I can summarize articles.StealthGas Inc. reported a decline in Q2 profit and revenue, with net income falling to $17.30 million from $20.44 million year-over-year due to lower revenue and higher operating expenses. Consequently, shares dropped over 3% in morning trading.
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StealthGas Inc. (GASS), a provider of seaborne transportation services for liquefied petroleum gas (LPG), on Wednesday reported lower second-quarter profit as revenue declined and operating expenses increased.
Net income fell to $17.30 million, or $0.46 per share, from $20.44 million, or $0.55 per share, a year ago. Excluding one-time items, adjusted earnings were $17.24 million or $0.46 per basic share, down from $21.72 million or $0.59 per basic share.
Income from operations decreased to $14.85 million from $19.70 million a year ago.
Total expenses increased to $28.06 million from $27.54 million. Voyage expenses rose to $6.78 million from $3.83 million, partly offset by lower depreciation and a gain on the sale of vessels.
EBITDA decreased to $22.07 million from $26.92 million, while adjusted EBITDA dropped to $22.01 million from $28.20 million last year.
Revenue declined to $42.91 million from $47.23 million in the previous year.
StealthGas shares were down more than 3% in morning trading at $9.29.
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