Overview

• U.S. VLGC operator's fiscal Q4 revenue rose sharply, beating analyst expectations

• Adjusted EPS for fiscal Q4 beat analyst expectations, driven by higher spot rates

• Company declared $1.00/share irregular dividend and completed sale of VLGC Cobra

Outlook

• Company says Middle East supply disruptions and higher prices are impacting global LPG trade flows

• Dorian LPG notes increased U.S. LPG exports and tightening terminal availability amid regional disruptions

• Company says uncertainty remains about timing for restoration of Middle East export capacity

Result Drivers

• SPOT RATE GAINS - Revenue growth was primarily driven by higher spot rates, which lifted average TCE rates for the fleet

• FREIGHT MARKET STRENGTH - Co said freight markets strengthened due to weather disruptions, logistical inefficiencies, and geopolitical tensions impacting vessel routing and ton-mile demand

• OPERATING COST REDUCTION - Vessel operating expenses per day declined, mainly due to lower drydock-related costs and reduced spending on spares and stores

Company press release: ID:nBw8m7ZDha

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$153.3 mln	$129.34 mln (6 Analysts)
Q4 Adjusted EPS	Beat	$1.89	$1.47 (7 Analysts)
Q4 EPS		$1.90
Q4 Adjusted Net Income		$80.4 mln
Q4 Net Income		$81 mln
Q4 Adjusted EBITDA		$106.6 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas transportation services peer group is "buy"

• Wall Street's median 12-month price target for Dorian LPG Ltd is $41.00, about 3.1% below its May 19 closing price of $42.32

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

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