share_log

Earnings Call Summary | Imperial Petroleum(IMPP.US) Q1 2024 Earnings Conference

Futu News ·  May 18 06:19  · Conference Call

The following is a summary of the Imperial Petroleum Inc. (IMPP) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Imperial Petroleum reported Q1 2024 revenues of $41.2 million, marking a 38% rise from Q4 2023.

  • The company's EBITDA stood at approximately $19 million, representing a significant increase of 136% compared to Q4 2023.

  • Net income also saw an increase of 157%, standing at $16.7 million.

  • The company maintains a substantial cash base of about $67 million and maintains a debt-free status.

Business Progress:

  • Operational utilization significantly improved to about 80% in Q1 2024 as compared to the 23% in Q4 2023.

  • The company successfully sold its Chinese built vessel, the 2009 Aframax tanker Gstaad Grace II, for $42 million. The funds from this sale are intended to be used for fleet renewal.

  • Currently, all the company's tankers are operating favorably in the spot market.

  • Future focus will be geared towards company growth while maintaining the current healthy financial status with a large cash pile and no bank debt.

More details: Imperial Petroleum IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment