Business
Toro Corp. Reports Net Income of $35.1 Million for the Three Months Ended September 30, 2023 and $112.4 Million for the Nine Months Ended September 30, 2023
LIMASSOL, Cyprus, Nov. 09, 2023 (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, Nov. 09, 2023 (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 nine months ended September 30, 2023. Highlights of the Third Quarter Ended September 30, 2023: Total vessel revenues: $10.5 million, as compared to $31.3 million for the three months ended September 30, 2022, or a 66.5% decrease;Net income: $35.1 million, as compared to $18.2 million for the three months ended September 30, 2022, or a 92.9% increase;Earnings (basic) per common share: $1.89 per share, as compared to $1.92 per share for the three months ended September 30, 2022;EBITDA(1): $35.4 million, as compared to $20.6 million for the three months ended September 30, 2022;Cash and restricted cash of $103.5 million as of September 30, 2023, as compared to $42.5 million as of December 31, 2022;Delivery of the M/T Wonder Musica to its new owners on July 6, 2023, after entering into an agreement to sell the vessel on June 15, 2023 for $28.0 million, resulting in a net capital gain of $16.1 million;Delivery of the M/T Wonder Avior to its new owners on July 17, 2023, after entering into an agreement to sell the vessel on April 28, 2023 for $30.1 million, resulting in a net capital gain of $17.6 million;Acquisition of the LPG Dream Syrax on July 18, 2023, after entering into an agreement to purchase the vessel on April 26, 2023 for $17.0 million;Acquisition of the LPG Dream Vermax on August 4, 2023, after entering into an agreement to purchase the vessel on April 26, 2023 for $17.0 million; andOn August 7, 2023, the Company purchased 50,000 5.00% Series D Cumulative Perpetual Convertible Preferred Shares (“Series D Preferred Shares”) of Castor Maritime Inc. (“Castor”) with a stated amount of $1,000 each for total consideration of $50.0 million in cash. (1) EBITDA is not a recognized measures 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 Nine Months Ended September 30, 2023: Total vessel revenues: $66.5 million, as compared to $73.9 million for the nine months ended Septembe...