Dorian LPG Ltd’s (NYSE:LPG) third quarter results have fallen short of Wall Street expectations.
The liquefied natural gas carrier reported US$35.7mln of revenue with net income of US$5mln for the three months ended December 31. That equates to 9 cents earnings per share.
On an adjusted basis - which includes US$24.4mln of unrealised gains on derivative instruments - the company reported a US$19.3mln loss which equates to 36 cents per share, versus Wall Street expectations for around 18 cents.
"Our results for the quarter reflect our consistent chartering, good management of our costs, and focus on serving our customers well,” said Dorian chief executive John Hadjipateras.
“Spot rates have moved favorably in the wake of OPEC cuts, but we remain cautious in our market outlook.
“I am confident in the abilities of our very experienced operational, commercial and financial management teams to ensure the company retains its leadership place amongst its peers and is best positioned to benefit its shareholders."