Business
Toro Corp. Reports Net Income of $28.2 Million for the Three Months Ended December 31, 2023 and $140.6 Million for the Year Ended December 31, 2023
LIMASSOL, Cyprus, Feb. 12, 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, Feb. 12, 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 and the year ended December 31, 2023. Highlights of the Fourth quarter Ended December 31, 2023: Total vessel revenues: $11.9 million, as compared to $38.0 million for the three months ended December 31, 2022, or a 68.7% decrease;Net income: $28.2 million, as compared to $25.1 million for the three months ended December 31, 2022, or a 12.4% increase;Earnings (basic) per common share: $1.41 per share, as compared to $2.65 per share for the three months ended December 31, 2022;EBITDA(1): $28.4 million, as compared to $27.2 million for the three months ended December 31, 2022;Cash and restricted cash of $155.6 million as of December 31, 2023, as compared to $42.5 million as of December 31, 2022;Delivery of the M/T Wonder Formosa to its new owners on November 16, 2023, after entering into an agreement to sell the vessel on September 1, 2023 for $18.0 million, resulting in a net capital gain of $8.2 million;Delivery of the M/T Wonder Vega to its new owners on December 21, 2023, after entering into an agreement to sell the vessel on September 5, 2023 for $31.5 million, resulting in a net capital gain of $16.5 million; andRepurchased 222,600 common shares at an aggregate cost of $1.0 million under the Company’s share repurchase program approved on November 6, 2023. (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. Highlights of the Year Ended December 31, 2023: Total vessel revenues: $78.5 million, as compared to $111.9 million for the year ended December 31, 2022, or a 29.8% decrease;Net income: $140.6 million, as compared to $49.9 million for the year ended December 31, 2022, or a 181.8% increase;Earnings (basic) per common share: $8.69 per share, as compared to $5.28 per share for the year ended December 31, 2022;EBITDA(1): $144.7 million, as compared to $58.9 million for the year ended December 31, 2022; On April 17, 2023, the Company entered into a subscription agr...