LPG earnings analysis
What we found in LPG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Dorian LPG reported exceptionally strong fiscal Q1 results, with revenue of $187.9 million, diluted EPS of $3.24 and operating income of $142.7 million, materially ahead of the $167.0 million revenue and $1.95 EPS consensus estimates. The improvement was driven by TCE rising to $75,926 per available day from $39,726 and by available days increasing to 2,469 from 2,086, although earnings also included a $30.1 million vessel-sale gain. Liquidity remains strong at $342.1 million of cash and debt declined to $512.4 million, but the $211.9 million Helios Pool receivable is a significant working-capital and counterparty exposure.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue more than doubled year over year
- Revenue rose $103.7 million, or 123.1% year over year, to $187.9 million, driven primarily by higher spot rates and more available days. Revenue was also 22.8% above the immediately preceding quarter's $153 million and 12.5% above the $167.0 million consensus estimate.
- EPS decisively beat consensus
- Diluted EPS increased to $3.24 from $0.24 a year earlier and from $1.90 in the prior quarter, exceeding the $1.95 consensus estimate by $1.29. Net income reached $138.3 million versus $10.1 million a year ago.
- Operating leverage drove margin expansion
- Operating income increased to $142.7 million from $15.6 million, lifting operating margin to 75.9% from 18.5% in the prior quarter. Results included a $30.1 million gain on the Cobra vessel sale.
- Spot-market strength lifted vessel economics
- TCE increased $36,200 per available day to $75,926, while available days rose to 2,469 from 2,086. The Baltic LPG Index averaged $199.694 per metric ton, compared with $63.500 a year earlier.
- Cash generation supported deleveraging
- Operating cash flow was $30.5 million versus $0.8 million a year ago; vessel capex was only $0.2 million, implying approximately $30.3 million of free cash flow. Cash increased to $342.1 million from $327.4 million at March 31 despite $42.5 million of dividends and $53.4 million of debt repayment.
- Asset sales unlock cash and shareholder returns
- July vessel sales generated $166.4 million of net proceeds for Corsair and Constellation, with an expected cumulative gain of approximately $63.5 million. The board also declared a further irregular $1.00-per-share dividend totaling approximately $42.8 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Earnings contain sizable vessel-sale gains
- The $3.24 diluted EPS includes a $30.1 million gain on disposal of the Cobra; without this realized gain, operating income and earnings would be materially lower. The company expects an additional approximately $63.5 million cumulative gain from the July Corsair and Constellation sales.
- Helios Pool receivable concentration increased
- Net receivables from the Helios Pool increased to $211.9 million at June 30 from $123.4 million at March 31. Management states its maximum exposure to losses from the pool is limited to these receivables, and operating cash flow was constrained by a $90.0 million increase in amounts due from related parties.
- Debt, capex commitments and rate sensitivity
- Debt obligations remained $512.4 million, including $158.7 million due within 12 months. The company also expects approximately $115.3 million of newbuilding payments through the expected Q3 2029 delivery, while a 40% reduction in 10-year historical-average daily TCE rates could trigger approximately $4.0 million of vessel impairment.
- No material risk-factor updates
- The filing states there were no material changes to risk factors from the March 31, 2026 10-K. Nonetheless, management estimates special-survey drydock cash costs of $2.1 million to $2.3 million per VLGC, excluding capital improvements.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.24
- Operating margin
- 75.93%
- Segment
- Single LPG transportation segment: total revenue $187.9 million; operating income $142.7 million; net income $138.3 million.
What they said about what is next.
No quantitative revenue or EPS guidance was provided in the 10-Q. Management expects to satisfy at least the next 12 months of liquidity needs using $342.1 million of cash, operating cash flow and, if needed, revolver drawdowns; it also has $115.3 million of commitments for a dual-fuel Panamax VLGC expected in Q3 calendar 2029.
The filing reads better than the one before it.
What came before.
- 10-K · May 27, 2026
- Dorian LPG Ltd. reported robust financials for fiscal year 2026 with revenue increasing 36.3% to $481.5 million, primarily driven by a rise in average time charter equivalent (TCE) rates. The company achieved an…
- 10-Q · February 5, 2026
- Dorian LPG Ltd. reported Q3 2026 results with revenues of $120M, surpassing estimates of $112.54M. However, EPS of $1.11 fell short of the expected $1.17. The company noted strong liquidity with a $29.9 million dividend…
- 10-Q · November 6, 2025
- Dorian LPG Ltd. reported a notable increase in revenues for Q2 2026, totaling $124.1 million, up 50.5% compared to the same quarter last year, driven primarily by increased charter rates. Despite a dip in EPS at $1.30…
- 10-Q · August 4, 2025
- Dorian LPG Ltd. reported a significant decline in revenues and earnings for Q1 2026, with total revenues of $84.2 million, down 26.4% year-over-year from $114.4 million. The company experienced operating income of $15.6…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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