Providing investors with something to be thankful for, Castor Maritime (NASDAQ: CTRM) 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.
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.
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Why Shares of Castor Maritime Are Cruising Higher This Week