Business
Castor Maritime Inc. Reports Record Net income of $37.1 Million for the Three Months Ended September 30, 2022 and $84.9 Million Net income for the Nine Months Ended September 30, 2022
LIMASSOL, Cyprus, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping company,
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three months and nine months ended September 30, 2022. Highlights of the Third Quarter Ended September 30, 2022: Revenues, net: $70.6 million for the three months ended September 30, 2022, as compared to $43.3 million for the three months ended September 30, 2021, or a 63.0% increase;Net income: $37.1 million for the three months ended September 30, 2022, as compared to $15.5 million for the three months ended September 30, 2021, or a 139.4% increase;Earnings (basic) per common share: $0.39 earnings per share for the three months ended September 30, 2022, as compared to earnings per share of $0.16 for the three months ended September 30, 2021; EBITDA(1): $45.9 million for the three months ended September 30, 2022, as compared to $21.2 million for the three months ended September 30, 2021; andCash and restricted cash of $144.1 million as of September 30, 2022, as compared to $43.4 million as of December 31, 2021. Earnings Highlights of the Nine Months Ended September 30, 2022: Revenues, net: $192.8 million for the nine months ended September 30, 2022, as compared to $72.0 million for the nine months ended September 30, 2021, or a 167.8% increase;Net income: $84.9 million for the nine months ended September 30, 2022, as compared to net income of $23.1 million for the nine months ended September 30, 2021, or a 267.5% increase; Earnings (basic) per common share: $0.90 earnings per share for the nine months ended September 30, 2022, as compared to earnings per share of $0.29 for the nine months ended September 30, 2021; andEBITDA(1): $109.8 million for the nine months ended September 30, 2022, as compared to $33.8 million for the nine months ended September 30, 2021. (1) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Management Commentary: Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented: “In the third quarter of 2022 we achieved record net earnings of $37.1 million, as we continu...