EuroDry Ltd. (NASDAQ: EDRY) reported Q1 EPS of ($0.91), $0.22 worse than the analyst estimate of ($0.69). Revenue for the quarter came in at $5.1 million versus the consensus estimate of $5.73 million.

First Quarter 2020 Highlights:

• Total net revenues of $5.1 million; net loss of $2.3 million; net loss attributable to common shareholders (after a $0.4 million dividend on Series B Preferred Shares) of $2.6 million or $1.17 loss per share basic and diluted. Adjusted net loss attributable to common shareholders1 for the period was $2.1 million or $0.91 per share basic and diluted.
• Adjusted EBITDA1 was $0.6 million.
• An average of 7.0 vessels were owned and operated during the first quarter of 2020 earning an average time charter equivalent rate of $7,885 per day.
• The Company declared its fifth cash dividend of $0.4 million on its Series B Preferred Shares.

Aristides Pittas, Chairman and CEO of EuroDry commented: “Year 2020 to-date has been marked by the dramatic effects on the global economy and seaborne trade of the COVID-19 pandemic. Drybulk seaborne trade, in particular, declined dramatically causing charter rates for Panamax vessels to drop to levels of about 50% lower compared to fourth quarter of 2019, a period that already had shown signs of a weakening market. By mid-May 2020, countries have only timidly started reopening their economies and as a result, we anticipate that we will continue experiencing low charter rates and low demand well into the next few months.”

“A positive effect of the depressed market and the prevailing uncertainty is the extremely low level of newbuilding orders placed. This development, in combination with the already low orderbook and delays in completing existing newbuilding contracts set the stage for a quick recovery of rates when, of course, drybulk seaborne trade recovers. We try to position ourselves to benefit from such a development and we continuously evaluate opportunities for investment in vessels or pursue combination with other fleets, especially, focusing on using our status as a public company to provide a consolidation platform.”

Tasos Aslidis, Chief Financial Officer of EuroDry commented: “Our net revenues for the first quarter of 2020 were lower by 12.5% as compared to the first quarter of 2019. This was the result of lower average charter rates by 16.8% earned during the quarter as compared to the first quarter of 2019 and 36.6% lower when compared to the fourth quarter of 2019, the latter decline being partly moderated by our fixed rate charter contracts.”

“Total daily vessel operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs, increased by approximately 3.5% during the first quarter of 2020 compared to the same quarter of last year.”

“Adjusted EBITDA during the first quarter of 2020 was $0.6 million compared to $2.5 million achieved for the first quarter of last year. As of March 31, 2020, our outstanding debt (excluding the unamortized loan fees) was $54.9 million versus restricted and unrestricted cash of approximately $6.4 million.”

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