Imperial Petroleum Inc. 8.75% Series A Cumulative Redeemable Perpetual Preferred Shares - IMPPP STOCK NEWS

Imperial Petroleum Inc. (NASDAQ: IMPP) reported its Q2 and H1 2024 financial results. Key highlights include:

- Q2 2024 revenues of $47.0 million, up 14.1% from Q1 2024 but down 20.3% year-over-year

- Q2 2024 net income of $19.5 million, up $2.8 million from Q1 2024 and $2.7 million year-over-year

- Cash and cash equivalents of $129.8 million as of June 30, 2024

- Fleet operational utilization of 80.9% in Q2 2024

- Delivery of handysize drybulk carrier Neptulus on August 24, 2024

- Receipt of $39 million from C3is Inc. on July 15, 2024, increasing current cash balance to nearly $190 million

The company's performance was driven by strong product tanker markets west of Suez. CEO Harry Vafias noted the company's recurring profitability, strong cash position, and zero leverage provide flexibility for future growth.

Imperial Petroleum Inc. (IMPP), a ship-owning company providing petroleum products, crude oil, and drybulk seaborne transportation services, has announced the release date for its second quarter and six months 2024 financial results. The company will disclose its financial performance for the period ended June 30, 2024, before the New York market opens on August 27, 2024.

Following the release, Imperial Petroleum's management will host a conference call at 11:00 am ET on August 27, 2024, to discuss the results, operations, and outlook. Interested participants can pre-register for the call using a provided link to receive dial-in numbers and a personal PIN. Additionally, a live webcast of the conference call will be available through the company's website, with archived access afterwards.

IMPERIAL PETROLEUM (Nasdaq: IMPP) has announced a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock. This dividend will be paid on July 1, 2024, to shareholders on record as of June 26, 2024. The dividend covers the period from March 30, 2024, to June 29, 2024. There are currently 795,878 Series A Preferred Shares outstanding, which trade on the Nasdaq Capital Market under the ticker 'IMPPP.'

Imperial Petroleum Inc. (NASDAQ: IMPP) announced its Q1 2024 financial results. The company reported revenues of $41.2 million, a drop from $65.4 million in Q1 2023, primarily due to a 38% decline in tanker market spot rates. However, net income rose by 157% from Q4 2023 to $16.7 million. The company has $67.0 million in cash and no debt. Operational utilization improved to 80.6% from Q4 2023. The average number of vessels owned decreased slightly to 9.84. The company also sold its Aframax tanker Gstaad Grace II for $42 million. CEO Harry Vafias expressed optimism regarding the company's financial health and future growth.

Imperial Petroleum, a ship-owning company specializing in the transportation of petroleum products, crude oil, and dry bulk, announced the upcoming release of its first quarter 2024 financial results, covering the period ending March 31, 2024.

The results will be released on May 16, 2024, before the market opens in New York. At 09:00 am ET on the same day, the company's management will host a conference call to discuss the financial results, operations, and future outlook.

Participants need to pre-register to access the call and can do so using the provided online registration link. A live and archived webcast of the call will be available on the Imperial Petroleum website.

Imperial Petroleum Inc. (IMPP) declared a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, payable on April 1, 2024. The dividend covers the period from December 30, 2023, through March 29, 2024, with 795,878 Series A Preferred Shares outstanding.

Imperial Petroleum Inc. (IMPP) reported operational and financial results for Q4 2023, with a fleet operational utilization of 68.5%. Revenues were $29.9 million, down from $37.9 million in Q4 2022, attributed to market conditions. Net income was $6.5 million, a decrease from $13.8 million in Q4 2022. For the 12 months ended December 31, 2023, revenues were $183.7 million, up 89.4% from the previous year, while net income increased by 141% to $71.1 million. The company held $124 million in cash and equivalents as of December 31, 2023.

Imperial Petroleum Inc. will release its Q4 and twelve months financial results on February 13, 2024, followed by a conference call to discuss operations and outlook. Participants can pre-register for the call and access the webcast on the company's website.

Imperial Petroleum Inc. (Nasdaq: IMPP) announced the conversion of 13,875 shares of its Series C Convertible Preferred Stock into 6,932,043 shares of Common Stock by Flawless Management Inc.