Toro Corp. reports Q4 EPS $1.41 vs. $2.65 last year

Reports Q4 revenue $11.9M vs. $38M last year. Mr. Petros Panagiotidis, CEO of the Company commented: “2023 was a milestone year for Toro as it went public in Nasdaq in March, raised new capital in April and entered the LPG segment during the second quarter buying four modern LPG carrier vessels. The tanker market remained robust during the fourth quarter, during which period we continued to take steps to modernize our fleet, taking advantage of the demand for secondhand tanker vessels to profitably dispose of older tonnage reducing the average age of our fleet to 9.5 years today from 17.7 years at the end of 2022. With the delivery of M/T Wonder Sirius to its buyers in January 2024, the disposals of older tonnage are almost complete, resulting in total to a $99.0 million capital gain for our Company in 2023 and an additional $20.9 million gain expected to be booked in the first quarter of 2024. Importantly, we started implementing our share repurchase program in November 2023 and bought back $2.8 million worth of shares until February 8, 2024, as we enjoy a strong balance sheet with significant cash balances and currently without any debt following the repayment in January 2024 of our only outstanding loan facility.”