CASTOR MARITIME Reports 62.5% Decrease in Revenue and 70.5% Decrease in Net Income for Q2 FY2023
August 10, 2023
🌥️Earnings Overview
By June 30, 2023, CASTOR MARITIME ($NASDAQ:CTRM) had reported its Q2 results for that fiscal year, showing a total revenue of USD 25.3 million, which was a drop of 62.5% when compared to the same quarter in the previous year. Additionally, its net income had dropped by 70.5%, to USD 8.2 million.
Analysis
GoodWhale has conducted an analysis of CASTOR MARITIME‘s wellbeing and has found that they are a medium risk investment when considering their financial and business aspects. Specifically, GoodWhale has identified three risk warnings in the income sheet, balance sheet, and financial journal. To get a closer look at the details, users should become registered users of GoodWhale. The risk warnings may include financial ratio analysis, cash flow analysis, and other similar indicators that may put CASTOR MARITIME’s performance in a negative light. Knowing this information could be useful for potential investors who wish to make an informed decision about investing in the company. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Castor Maritime. More…
| Total Revenues | Net Income | Net Margin |
| 232.32 | 89.85 | 33.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Castor Maritime. More…
| Operations | Investing | Financing |
| 81.05 | -100.98 | -14.74 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Castor Maritime. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 568.31 | 125.06 | 4.59 |
Key Ratios Snapshot
Some of the financial key ratios for Castor Maritime are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 252.8% | 358.3% | 39.3% |
| FCF Margin | ROE | ROA |
| 11.8% | 12.6% | 10.0% |
Peers
The company’s vessels transport dry bulk commodities such as iron ore, coal, and grain. Castor Maritime Inc. has a market capitalization of $79.6 million. The company’s competitors include U-Ming Marine Transport Corp, Diana Shipping Inc, and Star Bulk Carriers Corp.
– U-Ming Marine Transpost Corp ($TWSE:2606)
UNC-Ming Marine Transport Corp is a shipping company that operates a fleet of vessels that transport crude oil, petroleum products, and dry bulk commodities. The company has a market cap of 33.46B as of 2022 and a return on equity of 13.06%.
– Diana Shipping Inc ($NYSE:DSX)
Diana Shipping is a global provider of shipping transportation services. The Company’s vessels transport a range of dry bulk cargoes, including iron ore, coal, grain, steel products and other dry cargo commodities. As of February 28, 2021, Diana Shipping’s operating fleet consisted of 61 dry bulk vessels, including 30 Capesize, 11 Panamax, 12 Post-Panamax and 8 Supramax vessels, with an average age of about 10.4 years.
– Star Bulk Carriers Corp ($NASDAQ:SBLK)
Star Bulk Carriers Corp is a global shipping company that specializes in the transportation of dry bulk cargoes, such as iron ore, coal, and grain. The company has a market cap of 2.16B as of 2022 and a ROE of 28.05%. Star Bulk Carriers Corp is headquartered in Athens, Greece and has a fleet of over 150 vessels.
Summary
CASTOR MARITIME reported their Q2 results for FY2023 on June 30, 2023, revealing a 62.5% decrease in total revenue and 70.5% decrease in net income compared to the same period of last year. Despite this poor performance, CASTOR MARITIME’s stock price increased on the same day. Investors may be encouraged by the company’s ability to report a profit despite the decreases in revenue and earnings, and may be looking forward to the company’s turnaround strategy. Nonetheless, investors should consider further research and analysis before investing in CASTOR MARITIME due to the steep decline in profits.
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