Latest News by Industry
CorEnergy Infrastructure Trust, Inc.(CORP), a leading player in the infrastructure i nvestment sector, has released its consolidated financial results for the first quarter of 2023. The report reflects both challenges and achievements for the company, as it generated revenue of $29.34 million during the quarter despite reporting a net loss of $4.01 million.
Overview of Financial Performance
CorEnergy's balance sheets for March 31, 2023, and December 31, 2022, show a decrease in total assets from $494.96 million to $484.65 million. The decline is primarily attributed to assets held for sale amounting to $107.72 million. Meanwhile, liabilities decreased slightly from $255.30 million to $248.31 million over the same period. This led to a total equity of $236.35 million, down from $239.67 million.
Net Income/Loss Highlights
The company's consolidated statements of operations reveal that CorEnergy reported a net loss of $3.20 million for the first quarter of 2023. This is in stark contrast to the same period in 2022, when the company reported a net income of $4.36 million. Despite the net loss, the company managed to maintain a revenue of $29.34 million during Q1 2023.
Revenue Performance
CorEnergy's revenue composition for the quarter is as follows:
- Transportation and distribution revenue: $29.34 million
- Pipeline loss allowance subsequent sales: $0 (compared to $2.73 million in Q1 2022)
- Lease and other revenue: -$1.21 million (an improvement from $0.38 million in Q1 2022)
Expenses and Operating Income
Total operating expenses for the first quarter of 2023 were $28.28 million. These expenses were divided into categories:
- Transportation and distribution expenses: $17.48 million
- Pipeline loss allowance subsequent sales cost of revenue: $0
- General and administrative expenses: $6.77 million
- Depreciation and amortization: $4.03 million
The resulting operating income for the first quarter of 2023 was $1.06 million, significantly lower than the operating income of $7.61 million reported in the same period last year.
Other Income/Expense and Taxation
The company's other income and expenses saw a net expense of $4.26 million in the first quarter of 2023, a decrease from the net expense of $3.03 million in Q1 2022. CorEnergy incurred current and deferred tax expenses of $7,076 and -$11,595, respectively, resulting in a net income tax expense of -$4,519.
Despite facing a net loss of $4.01 million in the first quarter of 2023, CorEnergy Infrastructure Trust managed to maintain a revenue of $29.34 million, reflecting its resilience in the face of challenges. The company continues to navigate the complex landscape of infrastructure investments, balancing revenue generation and cost management to sustain its operations in the long term.