Newswire Tidewater Renewables' Q4 Profit, Revenue Grows
08:32 AM EST, 03/09/2023 (MT Newswires) -- Tidewater Renewables Ltd. (LCFS.TO) on Thursday reported a fourth-quarter net income of $14.1 million, or $0.40 per diluted share, up from $80,000, or $0.00 per diluted share, a year earlier.
The company's shares, which rose 2.2% in Canada yesterday, gained 1.4% in early Frankfurt trading on Thursday.
Revenue for the quarter ended Dec. 31 was $19.4 million, up from $16.9 million a year earlier.
Distributable cash flow for the quarter was $9.4 million, or $0.27 per diluted share, up from $7.9 million, or $0.23 per diluted share, a year earlier.
Further, the company said it has completed an active year of construction on its HDRD Complex. Completion is expected by mid-April, with commissioning beginning at the end of the first quarter and the start of operations in the second quarter.