Toro Corp. reports positive growth in Q3 2024 with $1.0 million net income.

From GlobeNewswire: 2024-11-12 09:00:00

Toro Corp. announced Q3 2024 results, with total vessel revenues of $5.3 million and net income of $1.0 million. The nine-month period ended with total vessel revenues of $17.2 million and net income of $4.5 million, reflecting positive growth and strong cash reserves.

In Q3 2024, Toro Corp. experienced a decrease in total vessel revenues, net income, and EBITDA from continuing operations compared to the same period in 2023. The company’s fleet earned an average Daily TCE Rate of $11,426, showing an improvement over the previous year.

Voyage expenses, vessel operating expenses, and general administrative expenses decreased in Q3 2024 compared to the same period in 2023. The company’s fleet utilization was at 100%, reflecting efficient operations and cost management practices.

Toro Corp. repurchased common shares, paid dividends, and saw an increase in cash reserves during the nine-month period ending September 30, 2024. The company’s liquidity and financial position improved, with a strong balance sheet and significant cash reserves.

The company’s financial results for Q3 and the nine-month period show steady growth and operational efficiency. Toro Corp. remains focused on seeking opportunities for growth and strengthening its position in the market, building on positive cash flows and a robust balance sheet.



Read more at GlobeNewswire:: Toro Corp. Reports Net Income of $1.0 Million for the Three