NEW YORK (AP) -- StealthGas said Tuesday that its second-quarter net income declined 29 percent as expenses rose.
The Greek ship owner's results were mixed, and its stock dropped to its lowest level in more than a year.
StealthGas, which serves the liquefied petroleum gas market, earned $5.1 million, or 18 cents per share, for the period ended June 30. That's down from $7.2 million, or 35 cents per share, a year earlier.
Excluding certain items, earnings were 16 cents per share.
Analysts, on average, expected higher earnings of 26 cents per share, according to a FactSet poll.
Shares fell $1.18, or 12.4 percent, to $8.32 in midday trading. Earlier in the session, the stock slid to $5.34, its lowest point since June 2012.
Voyage expenses increased to $4.6 million from $2.7 million, while vessel operating expenses rose to $8.7 million from $7.5 million.
Revenue climbed 4 percent to $30.3 million from $29.1 million thanks mostly to an increased number of vessels. This topped the $29.4 million that Wall Street forecast.
The average number of vessels that were part of StealthGas Inc.'s fleet during the quarter was 38.1, this was up from 36.5 in the prior-year period. There were 40 vessels in the fleet at quarter's end compared with 37 a year ago.
CEO Harry Vafias said in a statement that there is healthy demand for modern vessels, with the overall market stable. He said the company is looking to revamp and expand its fleet.