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Imperial Petroleum | 6-K: Imperial Petroleum Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results

SEC announcement ·  Feb 15 22:12
Summary by Futu AI
Imperial Petroleum Inc. (NASDAQ: IMPP), a provider of seaborne transportation services for petroleum products, crude oil, and dry bulk, reported its unaudited financial and operating results for Q4 and the full year ended December 31, 2023. The company saw a decrease in Q4 revenues to $29.9 million from $37.9 million in the same period the previous year, primarily due to a lower average number of vessels and softer market conditions in the East. Net income for Q4 was $6.5 million, down from $13.8 million in Q4 2022. However, for the full year, revenues surged to $183.7 million, an 89.4% increase from the previous year, with net income rising 141% to $71.1 million. The company attributes the annual growth to improved market conditions for most of the year and an expanded fleet. As of December 31, 2023, Imperial...Show More
Imperial Petroleum Inc. (NASDAQ: IMPP), a provider of seaborne transportation services for petroleum products, crude oil, and dry bulk, reported its unaudited financial and operating results for Q4 and the full year ended December 31, 2023. The company saw a decrease in Q4 revenues to $29.9 million from $37.9 million in the same period the previous year, primarily due to a lower average number of vessels and softer market conditions in the East. Net income for Q4 was $6.5 million, down from $13.8 million in Q4 2022. However, for the full year, revenues surged to $183.7 million, an 89.4% increase from the previous year, with net income rising 141% to $71.1 million. The company attributes the annual growth to improved market conditions for most of the year and an expanded fleet. As of December 31, 2023, Imperial Petroleum had $124 million in cash and cash equivalents, with no outstanding debt after repaying $70.4 million during the year. The company also reported on its share buyback program, having repurchased 4.3 million common shares and 5.8 million outstanding warrants for approximately $10 million. Additionally, Imperial Petroleum is set to acquire two more tanker vessels by the end of February 2024, which is expected to be financed with cash on hand.

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