Dorian LPG Ltd. has announced its financial results for the fourth quarter and fiscal year ended March 31, 2024. The company reported revenues of $141.4 million for the fourth quarter and $560.7 million for the fiscal year. The Time Charter Equivalent (TCE) per operating day rate for the fleet was $72,202 for the fourth quarter and $65,986 for the fiscal year.
The net income for the fourth quarter was $79.2 million, resulting in $1.96 earnings per diluted share (EPS), and adjusted net income of $77.6 million, or $1.91 adjusted EPS. For the entire fiscal year, the net income was $307.4 million, with $7.60 EPS and adjusted net income of $307.4 million, or $7.60 adjusted EPS.
The company also achieved adjusted EBITDA of $105.0 million for the fourth quarter and $417.4 million for the fiscal year. Dorian LPG declared and paid a total of $162.2 million in irregular dividends for the fiscal year, with an additional irregular dividend of $40.6 million declared for payment on or about May 30, 2024.
When comparing the fourth quarter of 2024 to the same period in 2023, the net income increased from $76.0 million to $79.2 million, and the adjusted net income decreased slightly from $78.1 million to $77.6 million. The TCE rate for the fleet also saw a 6.0% increase from the prior year.
Moreover, the total fleet utilization decreased from 95.7% to 87.7% for the three months ended March 31, 2024. Vessel operating expenses per day increased to $10,699 during the fourth quarter of 2024 from $10,528 in the same period in the prior year.
Following these announcements, the company's shares moved 3.2%, and are now trading at a price of $46.23. Check out the company's full 8-K submission here.
