By Katherine Hamilton
Dorian LPG shares fell Friday morning after the company said its third-quarter profit fell to a quarter of its year-ago value due to rising operating expenses and halved revenue.
The stock declined 6% to $23.80, adding to a 34% drop over the past year.
The Stamford, Conn.-based large gas carrier recorded a profit of $21.4 million, or 50 cents a share, for the quarter ended Dec. 31, down from about $100 million, or $2.47 a share, a year ago.
Revenue fell by about half to $80.67 million. Analysts polled by FactSet were expecting $85.7 million in revenue.
The revenue slip contributed to the company's falling profit, Dorian said, along with an increase in expenses related to charter hire, vessel operating and voyages.
An unseasonably warm start to the winter in the Far East dampened demand for steam cracking. The OPEC+ said it would extend additional oil production cuts until March 2025, which is expected to lower production and potential export from the Middle East, Dorian said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 31, 2025 10:51 ET (15:51 GMT)
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