By Connor Hart
Shares of Dorian LPG fell Thursday after the company narrowed its profit and logged a sharp drop in revenue in the recent quarter, hurt by trade dynamics and geopolitical tensions it said are likely to continue affecting future results.
The stock was trading 9.2% lower, at $20.57, extending its drop over the past year to 54%.
The Stamford, Conn.-based large gas carrier before the opening bell posted a profit of $8.1 million, or 19 cents a share, for its three months ended March 31, compared with a profit of $79.2 million, or $1.96 a share, a year earlier. Adjusted per-share earnings came in at 25 cents.
Revenue tumbled 46% to $75.9 million.
Chief Executive John Hadjipateras said the recent quarter was affected by a volatile geopolitical and economic environment, as well as by a heavy drydocking schedule.
Reciprocal tariffs announced during the first quarter didn't initially include liquefied petroleum gas imports from the U.S. to China, which Dorian called the most important trade in the global LPG market, but these tariffs were implemented in the second quarter.
The company also said geopolitical tensions in the Middle East are expected to continue weighing on oil-and-gas markets, which are facing higher costs.
"Though the trade and other important issues that may affect our business are not settled, I am confident in the fundamentals of the LPG market and our teams' readiness to respond constructively," Hadjipateras said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
May 22, 2025 13:26 ET (17:26 GMT)
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