Dorian LPG Q4 Earnings Rises, Beats View; Stock Up In Pre-market

(RTTNews) - Dorian LPG Ltd. (LPG), an operator of very large gas carriers, Wednesday, reported higher earnings for the fourth quarter, on increased average freight rates and fleet utilization.

The fourth-quarter earnings increased to $76 million or $1.89 per share from $35.4 million or $0.88 per share of last year.

Adjusted earnings was $78.1 million, or $1.94 per share compared to $24.7 million, or $0.62 per share for the same period of prior year, driven by an increase of $1.4 million in interest income, $2.5 million of favorable change in realized gain/loss on derivatives.

On average, five analysts polled by Thomson-Reuters expected the company to report earnings of $1.34 per share for the quarter. Consensus estimate typically excludes one-time items.

Revenue, increased 67.9% or $54 million to $ 133.6 million from $79.6 million last year, driven by increases in average freight rates and fleet utilization. The Street estimate of revenue is $113.05 million for the quarter.

In premarket activity, shares of Dorian LPG were trading at $24.50 up 2.73% or $0.65 on the New York Stock Exchange.