StealthGas shares up after 1Q results beat views

Shares of Greek shipping company StealthGas Inc. climbed Wednesday, a day after the company reported first-quarter 2008 earnings above Wall Street's expectations.

The company, which specializes in transporting liquefied petroleum gas, said net income rose 12 percent to $7.4 million, or 34 cents per share, from $6.6 million, or 46 cents per share, in the same quarter a year ago. Per-share income fell because the company had about 65 percent more shares outstanding in the latest period.

Excluding a vessel sale gain, charges related to an interest rate swap deal and a stock-based compensation expense, net income in the latest quarter would have been $8.5 million, or 38 cents per share.

Voyage revenues increased to $27 million from $20.7 million a year earlier.

Analysts polled by Thomson Financial projected earnings of 32 cents per share on $25.3 million in revenue. Analysts typically exclude one-time items from their estimates.

Morgan Keegan & Co. analyst J. Michael Drickamer said the results showed the company is "on track," and suggested the company should benefit as it takes delivery of 11 vessels over the next three years.

He also noted that the company's utilization will provide a steady stream of revenue this year. StealthGas said its fleet is 92 percent booked this year and 58 percent booked next year.

Shares rose 49 cents, or 2.9 percent, to $17.49 in afternoon trading.