Castor Maritime Reports Q2 FY2023 Earnings Results
August 18, 2023
🌥️Earnings Overview
CASTOR MARITIME ($NASDAQ:CTRM) revealed their earnings results for the second quarter of FY2023, which concluded on June 30 2023. Total revenue was USD 25.3 million, a 62.5% decrease from the corresponding period of FY2022. Net income for this quarter totaled USD 8.2 million, a 70.5% decrease from the same quarter in FY2022.
Price History
On Tuesday, CASTOR MARITIME released their Q2 FY2023 earnings results. The company’s stock opened at $0.5 and closed the day at $0.6, up 10.0% from its last closing price of $0.5. This marks a notable improvement in the stock over the last few quarters as CASTOR MARITIME continues to improve its performance. This demonstrates that the company is well on track to achieving their long-term profitability targets.
Overall, CASTOR MARITIME’s Q2 FY2023 earnings report is encouraging and has shown that the company is continuing to make good progress in the right direction. Investors will be keeping a close eye on how the company performs in future quarters. Live Quote…
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% |
Analysis
At GoodWhale, we have been analyzing the financials of CASTOR MARITIME to get a sense of the company’s overall health. Our Star Chart shows CASTOR MARITIME has scored a 7/10, indicating it is capable to pay off debt and fund future operations from a cashflow and debt perspective. Classifying CASTOR MARITIME as a ‘rhino’ type of company, we find it has achieved moderate revenue or earnings growth. The Star Chart also shows that CASTOR MARITIME is strong in asset, growth, and medium in profitability and weak in dividend. Investors who are looking for companies with moderate revenue or earnings growth, strong asset and growth, and medium profitability may be interested in CASTOR MARITIME. As such, it may be worth investors’ time to examine this company further. More…
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 second quarter earnings for FY2023, with total revenue of USD 25.3 million, a 62.5% decrease from the same period in 2023. Net income decreased 70.5% to USD 8.2 million from the same period last year. Despite the negative performance, the stock price moved slightly higher the same day, indicating that investors are wary but still believe in the potential of the company.
However, investors should take caution and consider risk factors before investing in CASTOR MARITIME, such as further economic downturns or adverse market conditions. Overall, investors should understand the company’s financials and evaluate its long-term prospects before deciding whether CASTOR MARITIME is a suitable investment.
