International energy transportation services company Toro Corp. (NASDAQ:TORO) today announced its financial results for the fourth quarter ended December 31, 2024, revealing a substantial decrease in both revenue and net income compared to the same period in 2023.
According to the report, Toro Corp.'s total vessel revenues from continuing operations for the three months ended December 31, 2024, reached $5.2 million, a 28.8% decline from the $7.3 million reported in the corresponding quarter of the previous year.
The company's net income from continuing operations saw an even sharper drop, falling to $1 million from $9.3 million in Q4 2023, representing an 89.2% decrease.
Overall net income for the quarter also plummeted, reaching $1 million compared to $28.2 million in the fourth quarter of 2023, a staggering 96.5% decrease.
The earnings per common share, basic, from continuing operations also reflected this downturn, showing a loss of $0.01 per share compared to an earnings of $0.36 per share in the prior year's fourth quarter.
EBITDA from continuing operations also saw a significant reduction, falling from $9.6 million to $0.2 million.
Meanwhile, Toro Corp.'s cash and restricted cash balance stood at $37.2 million as of December 31, 2024, a considerable decrease from the $155.6 million held at the end of 2023.