Shares of small-cap penny stock Imperial Petroleum Inc. (NASDAQ:IMPP) shares are trading lower after the company reported first-quarter 2022 earnings results.
Imperial Petroleum Inc. reported quarterly losses of $(0.01) per share. The company reported $5.10 million in sales revenue in the first-quarter of 2022. The same level as the first-quarter of 2021 but approximately 28% higher than revenues in the fourth-quarter 2021 as a result of improved market rates.
Chief Executive Officer Harry Vafias commented “The outbreak of war in Ukraine shocked shipping markets and altered oil trading patterns resulting in an improvement in the charter market. For Imperial Petroleum the first quarter of 2022 was transitional.”
Imperial Petroleum Inc. is a ship-owning company providing petroleum product and crude oil seaborne transportation services.
IMPP Price Action: Imperial Petroleum Inc, has traded between $9.70 and $0.38 over a 52-week period.
The stock was trading about 14% lower at $0.68 per share on Tuesday at the time of publication.
