Toro Corp. Reports Net Income of $1.1 Million for the Three Months Ended June 30, 2024 and $23.3 Million for the Six Months Ended June 30, 2024

TORO CORP.
TORO CORP.

In This Article:

LIMASSOL, Cyprus, Aug. 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 six months ended June 30, 2024.

Highlights of the Second Quarter Ended June 30, 2024:

  • Total vessel revenues: $5.5 million, as compared to $24.9 million for the three months ended June 30, 2023, or a 77.9% decrease;

  • Net income: $1.1 million, as compared to $55.4 million for the three months ended June 30, 2023, or a 98.0% decrease;

  • Earnings per common share, basic: $0.001 per share, as compared to $3.34 per share for the three months ended June 30, 2023;

  • EBITDA(1): $0.2 million, as compared to $56.8 million for the three months ended June 30, 2023; and

  • Cash and restricted cash of $189.2 million as of June 30, 2024, as compared to $155.6 million as of December 31, 2023.

Highlights of the Six Months Ended June 30, 2024:

  • Total vessel revenues: $12.5 million, as compared to $56.0 million for the six months ended June 30, 2023, or a 77.7% decrease;

  • Net income: $23.3 million, as compared to $77.3 million for the six months ended June 30, 2023, or a 69.9% decrease;

  • Earnings per common share, basic: $1.12 per share, as compared to $5.13 per share for the six months ended June 30, 2023;

  • EBITDA(1): $21.6 million, as compared to $80.9 million for the six months ended June 30, 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; and

  • Repurchased 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 second quarter of 2024 we continued to enjoy substantial operating cash flows from our fleet which consists mostly of LPG carrier vessels.

“The markets for both product tankers and LPG carriers remain robust, while we maintain a strong balance sheet with significant cash reserves and no outstanding debt. As we move forward, we continue to seek opportunities that will further drive our growth and strengthen our position in the market.”