TORM plc Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 03:06 am
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TORM plc reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 358.1 million compared to USD 448.1 million a year ago. Net income was USD 124.3 million compared to USD 217.1 million a year ago. Basic earnings per share from continuing operations was USD 1.47 compared to USD 2.66 a year ago. Diluted earnings per share from continuing operations was USD 1.42 compared to USD 2.63 a year ago.
For the nine months, sales was USD 1,132.6 million compared to USD 996 million a year ago. Net income was USD 463.7 million compared to USD 334.1 million a year ago. Basic earnings per share from continuing operations was USD 5.57 compared to USD 4.12 a year ago. Diluted earnings per share from continuing operations was USD 5.37 compared to USD 4.07 a year ago.
TORM plc is a United Kingdom-based shipping company. The Company owns and operates a fleet of product tankers. The Companyâs segments include the Tanker segment, for which the services provided primarily comprise transportation of refined oil products, such as gasoline, jet fuel, and naphtha, and the Marine Exhaust segment, for which the services provided primarily comprise developing and producing advanced and green marine equipment. The Companyâs wholly owned fleet of around 90 vessels is specifically configured to move energy and clean petroleum products from refineries to their customers. With vessels varying in size from 45,000 - 115,000 deadweight tonnage (DWT), it offers a range of product tankers. It is present in all large vessel classes in the product tanker market, with specific focus on the LR2, LR1, and MR vessel classes. Its vessels include TORM Hannah, TORM Hellerup, TORM Helene, TORM Hermia, TORM Signe, TORM Elizabeth, TORM Platte, TORM India, TORM Lilly, among others.