07:33 AM EDT, 08/15/2024 (MT Newswires) -- Tidewater Renewables ( TDWRF ) earlier Thursday reported a net income (loss) attributable to shareholders per share diluted of $0.14, up from $0.07 in 2023.

The company showed a net income of $4.9 million during the second quarter of 2024, compared to $2.7 million in Q2 2023.

Tidewater generated record Adjusted EBITDA of $29.6 million, an increase of 17% from the previous quarter.

According to a company statement, the results were driven by the improvements in throughput and reliability at the Renewable Diesel & Renewable Hydrogen Complex (HDRD). During the second quarter of 2024, the HDRD Complex averaged daily throughput of 2,925 bbl/d, representing a 98% utilization rate.

The corporation expects the HDRD Complex to exceed an average 2024 throughput of 2,550 bbl/d, inclusive of the 2,522 bbl/d of throughput in the first half of 2024; and also expects to optimize the HDRD Complex's operating costs and move forward on the engineering design on its announced SAF project.