What happened
Providing investors with something to be thankful for, Castor Maritime (CTRM -0.92%) reported its third-quarter results on Wednesday. The shipping company delivered strong growth, and investors are showing their gratitude by sending the stock higher.
As of 10:45 a.m. ET Friday, shares of Castor Maritime were up by 16.7% from where they ended last Friday's trading session.
So what
Thanks, in part, to higher vessel revenues, Castor Maritime reported notable growth on both the top and bottom lines. It booked revenue of $70.6 million for a year-over-year sales increase of 63%. The more impressive figure, however, was to be found at the bottom of the income statement. With the help of a strong dry cargo market, Castor Maritime generated net income of $37.1 million, a quarterly record for the company. And the company's impressive performance was not limited to the recent quarter. Over the past nine months, Castor Maritime has generated net income of $84.9 million, representing a 268% increase over the same period in 2021.
Investors found more cause for celebration on its balance sheet. The company ended the quarter in a strong financial position, with net debt of just $3.4 million. For context, Castor Maritime's net debt position at the beginning of 2022 was $64.9 million.
Now what
It's not only the company's recent performance that excited investors this week but its outlook as well. Addressing the shipping company's growth opportunities, CEO Petros Panagiotidis stated in the press release that the company will "seek attractive acquisition opportunities to further pursue Castor's growth trajectory."
