UPDATE 1-Greece's StealthGas Q1 profit beats Street

Wed May 12, 2010 10:09am EDT

* Q1 adj EPS $0.14 vs est $0.10

* Q1 revenue falls 1 pct, but beats estimates

May 12 (Reuters) - StealthGas Inc (GASS.O), which operates ships that transport liquefied petroleum gas, reported first-quarter profit above market estimates, helped by increased spot market activity.

For the quarter, the Greek company posted a net income of $1.6 million, or 7 cents a share, compared with $200,000, or 1 cent a share, a year ago.

Excluding items, the company earned 14 cents a share.

Revenue fell 1 percent to $28.8 million.

Analysts on average expected StealthGas to post a profit of 10 cents per share, on revenue of $27.2 million, according to Thomson Reuters I/B/E/S.

Spot market activity during the quarter increased to 851 spot voyage days, compared with 501 spot voyage days last year.

Shares of the company were up 4 cents at $5.21 Wednesday morning on Nasdaq. (Reporting by Vinay Sarawagi in Bangalore; Editing by Maju Samuel)

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