Business
Toro Corp. Reports Net Income of $22.1 Million for the Three months Ended March 31, 2024
LIMASSOL, Cyprus, May 10, 2024 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO), (“Toro”, or the “Company”), an international energy transportation services
About this update from Toro Corp.
[{"type":"text","content":"LIMASSOL, Cyprus, May 10, 2024 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO), (“Toro”, or the “Company”), an international energy transportation services company, today announced its results for the three months ended March 31, 2024. Highlights of the First quarter Ended March 31, 2024: Total vessel revenues: $7.0 million, as compared to $31.2 million for the three months ended March 31, 2023, or a 77.6% decrease;Net income: $22.1 million, as compared to $22.0 million for the three months ended March 31, 2023, or a 0.5% increase;Earnings per common share, basic: $1.11 per share, as compared to $2.29 per share for the three months ended March 31, 2023;EBITDA(1): $21.4 million, as compared to $24.1 million for the three months ended March 31, 2023;Cash and restricted cash of $186.4 million as of March 31, 2024, as compared to $155.6 million as of December 31, 2023;Delivery of the M/T Wonder Sirius to its new owners on January 24, 2024, after entering into an agreement to sell the vessel on January 8, 2024 for $33.8 million, resulting in a capital gain of $19.6 million; andRepurchased an additional 644,556 common shares at an aggregate cost of $3.7 million under the Company’s share repurchase program, which was approved on November 6, 2023 and expired on March 31, 2024. (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 Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Management Commentary: Mr. Petros Panagiotidis, Chief Executive Officer of the Company, commented: “During the first quarter of 2024 we mostly operated an LPG carrier fleet, having successfully completed the sale of a substantial number of our tanker vessels at significant capital gains over the past twelve months. “We also completed our share repurchase program on March 31, 2024, having bought back an additional 644,556 common shares during the first quarter of 2024. This brought the total number of shares repurchased under the program to 867,156 common shares. “We enjoy a strong balance sheet with significant cash balances and currently without any debt following the repayment in January 2024 of our only outstanding loan facility. Looking ahead, we continue...