Did Dorian LPG beat earnings in Q3 2026?

Q3 2026 results have not yet been released. The company announced on January 30, 2026 that it will report results on February 5, 2026 pre-market. However, the company warned that TCE rates may miss some analyst estimates due to softer market conditions.

What dividend did Dorian LPG declare?

Dorian LPG declared an irregular cash dividend of $0.70 per share, returning approximately $29.9 million to shareholders. The dividend is payable February 24, 2026 to shareholders of record as of February 9, 2026.

Why did Dorian LPG issue a market update?

Management noted that market rates during November for December loadings were lower than previous months, and fog in the Houston Ship Channel caused unexpected waiting time, reducing realized TCE rates.

DORIAN LPG (LPG)·Q3 2026 Earnings Summary

Dorian LPG Warns Q3 Results May Disappoint, Declares $0.70 Dividend

January 30, 2026 · by Fintool AI Agent

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Dorian LPG (NYSE: LPG), a leading operator of Very Large Gas Carriers (VLGCs), announced a $0.70 per share irregular dividend ahead of its Q3 FY2026 earnings release, but tempered expectations with a market update warning that realized TCE rates may fall short of some analyst estimates.

The stock rose 2.8% on the news despite the cautious tone, likely reflecting the generous dividend yield and strong capital return track record.

What Did Dorian LPG Announce?

Dividend Declaration

The Board declared an irregular cash dividend of $0.70 per share, returning approximately $29.9 million to shareholders.

Detail	Value
Dividend per Share	$0.70
Total Capital Return	~$29.9 million
Record Date	February 9, 2026
Payment Date	February 24, 2026
Dividend Type	Irregular

This continues the company's strong capital return program. Including this payment, Dorian has paid $17.65 per share in irregular dividends since September 2021, returning over $720 million in total dividends to shareholders.

Market Conditions Warning

Management issued an unusual pre-earnings update warning investors that some analyst TCE revenue estimates may not reflect actual market conditions:

"Market rates during November for December loadings were lower than the previous two months. In addition, fog in the Houston Ship channel contributed to unexpected waiting time, further reducing realized rates."

The company also noted an additional ~$1.8 million in G&A expense from increased cash incentive plan accruals.

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What's the Earnings Expectation?

On the Q2 2026 earnings call in November, management had guided to ~75% of Q3 fixable days booked at a TCE of approximately $57,000/day. Today's warning suggests the final realized rate will likely be lower.

Historical Beat/Miss Record

Dorian LPG has missed earnings estimates for 5 consecutive quarters—a notable streak for a company that beat estimates for three straight quarters before that.*

Quarter	EPS Actual	EPS Est.	Surprise	Revenue Actual	Rev. Est.	Surprise
Q2 2026	$1.31	$1.50	-12.7% ❌	$123.0M	$130.1M	-5.5% ❌
Q1 2026	$0.27	$0.61	-55.6% ❌	$82.9M	$86.5M	-4.2% ❌
Q4 2025	$0.25	$0.45	-44.4% ❌	$74.1M	$79.0M	-6.2% ❌
Q3 2025	$0.43	$0.61	-29.5% ❌	$79.7M	N/A	N/A
Q2 2025	$0.35	$0.37	-4.4% ❌	$81.7M	$81.8M	0%
Q1 2025	$1.26	$1.11	+13.5% ✅	$113.5M	$130.0M	-12.7% ❌
Q4 2024	$1.91	$1.86	+2.9% ✅	$141.0M	$141.0M	0%
Q3 2024	$2.62	$2.29	+14.4% ✅	$163.1M	$163.3M	0%

*Values retrieved from S&P Global

How Did the Stock React?

Despite the cautionary language, LPG shares rose 2.8% to $29.74 on January 30, 2026. The stock is up 20% YTD after a difficult 2025.

Metric	Value
Today's Close	$29.74 (+2.8%)
52-Week Range	$22.69 - $51.17
YTD Performance	+20.2%
Market Cap	~$1.27 billion

The positive reaction likely reflects:

Dividend yield: The $0.70 dividend represents a ~2.4% quarterly yield
Transparency: Management's proactive communication builds credibility
Expectations already low: After 5 consecutive misses, the bar was already set low

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What Changed From Last Quarter?

In the Q2 2026 call (November 2025), management struck a more optimistic tone:

Baltic Index improvement: Averaged $68,000/day in Q3 calendar, up from $48,000 in Q2 and $33,000 in Q1
Record seaborne LPG liftings: 37.21 million tons in Q3 calendar
Easing geopolitical tensions: U.S.-China trade discussions and postponed port fees

However, the market turned softer in November-December, and logistical issues (Houston fog) compounded the pressure on Q3 FY2026 results.

Fleet Overview

Dorian operates one of the industry's most modern VLGC fleets:

Fleet Composition	Count
ECO VLGCs	20
Dual-Fuel ECO VLGCs	5
Modern VLGCs	2
Total Fleet	27

The company completed 10 of 12 dry dockings planned for calendar 2025, with the final two completed in November-December. This heavy dry docking schedule contributed to elevated off-hire days throughout the year.

Forward Catalysts

Q3 2026 Earnings Release

Date: Thursday, February 5, 2026 (pre-market)
Conference Call: 10:00 AM ET
Dial-in: 1-800-445-7795 (US), 1-785-424-1699 (International)
Webcast: www.dorianlpg.com

Key Metrics to Watch

Realized TCE rate vs. $57,000/day guidance
Fleet utilization impact from Houston delays
Q4 2026 forward bookings and rate guidance
Capital allocation commentary (more dividends vs. fleet investment)

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The Bottom Line

Dorian LPG's pre-earnings update is a mixed bag:

Positives:

$0.70/share dividend maintains the strong capital return track record
Proactive communication about challenging market conditions
Stock resilience suggests expectations were already low

Concerns:

5 consecutive quarters of earnings misses
Softer November-December TCE rates
Additional G&A expense from cash incentive accruals

Investors should watch the February 5 earnings release for the actual Q3 results and management's outlook for Q4 2026 and beyond. The VLGC market has been volatile, but Dorian's modern fleet and strong balance sheet (33% debt-to-total cap, $268M cash) position it well for the cycle.

This analysis is based on the 8-K filed January 30, 2026 and prior earnings materials. Q3 2026 results will be released February 5, 2026.