What is the market's earnings forecast for Dorian LPG next quarter?

What were the key takeaways from Dorian LPG’s earnings call?

What factors drove the changes in Dorian LPG's revenue and profit?

What guidance did Dorian LPG's management provide for the next earnings period?

What does Dorian LPG do and what are its main business segments?

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What were the key takeaways from Dorian LPG's earnings call?

What is Dorian LPG's latest dividend and current dividend yield?

- **Dividend discipline**: $0.65/share ($27.8M) added to $695M returned since 2021, with 17th consecutive payout.
- **Market strength**: Baltic Index +42% QoQ to $68,000/day, driven by record LPG exports.
- **Operational excellence**: 10/12 dry dockings, $9.5M cost savings, 6% OpEx decline.
- **Balance sheet health**: 33.2% debt-to-capital, $50M undrawn revolver, $268M free cash.
- **Earnings momentum**: $30M free cash flow, 6% sequential TCE growth.


**【Management Opening Remarks】**
- Declared a dividend of $0.65 per share ($27.8 million total) as part of $695 million returned to shareholders since 2021.
- Highlighted VLGC market improvement: Baltic Index averaged $68,000/day (up from $48,000 in Q2 and $33,000 in Q1), peaking at $80,000/day mid-quarter before easing to $55,000/day by end of Q3.
- Operational progress: 10/12 dry dockings completed, with 2 remaining in Q4.
- Published 2024 Corporate Responsibility Report on emissions reduction and fleet modernization.

**【CEO Commentary】**
- Financial performance: Generated $30 million free cash flow, with $53,725 TCE revenue per day, up 6% sequentially.
- Fleet metrics: 16 scrubber-fitted vessels and 5 dual-fuel ships, with 10/12 dry dockings completed.
- Market dynamics: 37.21 million tons of record global LPG liftings, driven by North American and Saudi exports.

**【CFO Financial Commentary】**
- Financial highlights: GAAP net income $420 million, Non-GAAP EPS $1.08 (vs. $0.95 prior quarter), $30 million free cash flow to equity.
- Cost efficiency: OpEx $9,474/day (down 6% QoQ), G&A $12 million (excluding stock comp).
- Liquidity: $268.4 million free cash, 33.2% debt-to-capitalization, $50 million undrawn revolver.
- Dividend policy: Irregular payments ($16.95/share since 2021) reflecting market volatility.

**【Q&A Highlights】**
- Rate realization: Timing delays, dry docking expenses, and dysport option volatility.
- Market momentum: U.S.-China trade normalization, Panama Canal congestion, and port fee timing.
- Forward visibility: 75% of Q4 days fixed at $57,000/day TCE, excluding newbuilds.


Dorian LPG Ltd. (LPG) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LPG

LPG fundamentals

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