Shareholders of STEALTHGAS INC. (NASDAQ:GASS) are bidding up shares of the industrial transportation company after GASS announced their Q3, 2017 financial results this morning.
Revenues for the three months ended September 30, 2017 amounted to $38.5 million, an increase of $4.1 million, or 11.9%, compared to revenues of $34.4 million for the three months ended September 30, 2016, mainly due to increased fleet utilization and an increase in market rates.
Revenues for the nine months ended September 30, 2017, amounted to $115.9 million, an increase of $9.2 million, or 8.6%, compared to revenues of $106.7 million for the nine months ended September 30, 2016.
As for adjusted net income, it came in at $1.1 million or $0.03 per share for the three months ended September 30, 2017 compared to an adjusted net loss of $2.4 million or $0.06 per share for the same period of last year.
Adjusted net income was $4.7 million, or $0.12 per share, for the nine months ended September 30, 2017 compared to adjusted net loss of $3.8 million, or $0.09 per share, for the same period of last year.
Commenting on the numbers, Board Chairman Michael Jolliffe stated, "in the third quarter of 2017, our market continued the positive momentum noticeable since the beginning of the year. As a result, we witnessed a further strengthening of the freight rates, a strong demand in spite of the weak seasonal period and managed to decrease our idle days by 63% compared to the same period of last year."
As mentioned off the top, shares of GASS have been on a strong uptrend since late-July and continued higher with today’s news to the tune of 9.7%, to close at $4.07 per share.
