Imperial Petroleum Inc. Reports Strong Q2 2024 Results
Imperial Petroleum Inc. Reports Strong Q2 2024 Results
IMPERIAL PETROLEUM INC. (NASDAQ: IMPP), a ship-owning company providing petroleum products, crude oil, and dry bulk seaborne transportation services, has announced its unaudited financial and operating results for the second quarter and six months ended June 30, 2024.
Operational and Financial Highlights
During the second quarter of 2024, Imperial Petroleum demonstrated solid performance metrics:
- Fleet operational utilization reached 80.9% in Q2 2024, a slight improvement from 80.6% in Q1 2024, and up from 75.4% in Q2 2023.
- A total of 79.5% of fleet calendar days, amounting to 744 days in Q2 2024, were committed to spot activity.
- The company reported revenues of $47.0 million for Q2 2024, reflecting a 14.1% increase from $41.2 million in Q1 2024, although down from $59.0 million in Q2 2023.
- Net income stood at $19.5 million, representing a $2.8 million rise from Q1 2024 and an increase of $2.7 million compared to Q2 2023.
- Cash and cash equivalents, including time deposits, totaled $129.8 million as of June 30, 2024, bolstered by a $39 million receivable from the sale of the Aframax tanker Afrapearl II.
Second Quarter 2024 Results
The following financial figures highlight the company's performance for the three months ending June 30, 2024:
- Revenues: $47.0 million, down from $59.0 million in the same period last year, attributed to a decrease in tanker market rates and operational days.
- Expenses: Voyage expenses decreased to $17.1 million from $19.3 million year-over-year, while operating expenses were slightly lower at $6.5 million.
- Net Income: $19.5 million compared to $16.8 million in Q2 2023, while Basic and Diluted EPS decreased to $0.64 and $0.56 respectively.
- Adjusted Net Income: The adjusted net income was $22.2 million, corresponding to adjusted earnings per share of $0.73.
- EBITDA: The EBITDA for the quarter came to $21.8 million, demonstrating effective cost management despite a challenging market environment.
Six Months 2024 Results
For the first half of 2024, Imperial Petroleum reported:
- Revenues: $88.2 million, a decrease of 29.2% from $124.5 million in the first half of 2023.
- Net Income: $36.2 million, down from $52.6 million in the prior year.
- Adjusted Net Income: $39.7 million, corresponding to an adjusted earnings per share of $1.32.
CEO Comments
CEO Harry Vafias stated, "The second quarter of 2024 proved to be one of our most profitable periods, reflecting a net profit of $19.5 million. Our operational efficiency and strategic positioning of our product tankers have significantly contributed to our performance, ensuring a solid cash position while maintaining zero leverage. We remain optimistic about our growth potential, as we are currently undervalued relative to our cash reserves and market capitalization."
Conference Call Details
The management will hold a conference call to discuss the results and outlook on a specified date and time. Participants are encouraged to pre-register to receive dial-in numbers and personal PINs, essential for accessing the conference call.
Company Overview
IMPERIAL PETROLEUM INC. operates a diverse fleet that includes 12 vessels, comprising six MR product tankers, two Suezmax tankers, and three Handysize drybulk carriers. As of June 30, 2024, the company holds a total capacity of 711,000 deadweight tons (dwt). The shares of Imperial Petroleum are traded under the ticker symbols “IMPP” for common stock and “IMPPP” for Series A Preferred Stock on the Nasdaq Capital Market.
Frequently Asked Questions
What were the revenues for Imperial Petroleum Inc. in Q2 2024?
The revenues for Q2 2024 were $47.0 million.
How did the net income compare to the previous year?
The net income for Q2 2024 was $19.5 million, an increase from $16.8 million in Q2 2023.
What is the company’s cash position as of June 30, 2024?
The cash and cash equivalents amounted to $129.8 million.
How does Imperial Petroleum's fleet size compare to last year?
The fleet size during Q2 2024 was 10.3 vessels compared to 11.8 vessels in the same period last year.
When is the next conference call scheduled?
The conference call is scheduled on a specified date with management to discuss the results and outlook.
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