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EuroDry Ltd. (EDRY) Reports Q3 EPS of $0.62, Revenues Beat

November 15, 2018 4:16 PM EST

EuroDry Ltd. (NASDAQ: EDRY) reported Q3 EPS of $0.62, versus $0.00 reported last year. Revenue for the quarter came in at $6.8 million versus the consensus estimate of $6.69 million.

  • Total net revenues of $6.8 million. Net income of $1.7 million; net earnings attributable to common shareholders (after a $0.2 million dividend on Series B Preferred Shares) of $1.4 million or $0.63 earnings per share basic and diluted. Adjusted net income attributable to common shareholders1 for the period was $1.4 million or $0.62 per share basic and diluted.
  • Adjusted EBITDA1 was $3.8 million.
  • An average of 6.0 vessels were owned and operated during the third quarter of 2018 earning an average time charter equivalent rate of $13,839 per day.
  • The Company declared its second dividend of $0.2 million on its Series B Preferred Shares; the dividend was paid in-kind by issuing additional Series B Preferred Shares.

Aristides Pittas, Chairman and CEO of EuroDry commented: “Since EuroDry started operating as a separately listed public company in May 2018, we have focused on positioning the Company to capitalize on market opportunities. By refinancing certain of our debt, we have raised the required funds to pursue selected vessel acquisitions like the recently announced M/V Star of Nippon.

We expect that the drybulk markets could offer opportunities for realizing significant returns in the medium term as the fleet supply is expected to grow only modestly in the next 2-3 years leaving the focus on trade demand developments, which partly depend on geopolitical factors. With the effects of the implementation of the emissions and ballast water treatment regulations over the next two years possibly further squeezing vessel supply, a solid trade demand growth could create a very rewarding market environment for vessel owners.

“At the same time, EuroDry’s stock continues to trade at a significant discount to its NAV. This discount, we believe, will start shrinking as the performance of EuroDry is appreciated by the public markets and our fleet grows, either through single vessel acquisitions like the recent one or by exploiting our public platform to consolidate other fleets, thus offering additional returns to our shareholders.”

For earnings history and earnings-related data on EuroDry Ltd. (EDRY) click here.



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