Eurodry Ltd Stock Price, News & Analysis

EuroDry Ltd. (NASDAQ: EDRY) announced it will release its financial results for Q3 2022 on November 10, 2022, after market close. A conference call is scheduled for November 11, 2022, at 9:00 a.m. Eastern Time to discuss these results. Participants can join the call via a toll-free number or register for a faster connection. The company, formed in 2018 and managing a fleet of 10 vessels, focuses on drybulk cargo transportation. The results will be followed by an archived webcast available on the company’s website.

EuroDry Ltd. (NASDAQ: EDRY) has signed an agreement to sell the M/V Pantelis, a 74,020 dwt drybulk vessel, for approximately $9.7 million. The sale is part of EuroDry's strategy to modernize its fleet and align with its ESG goals. The company expects to realize a gain of about $3 million or $1.00 per share, enhancing its liquidity to seize upcoming investment opportunities. Post-sale, EuroDry will operate a fleet of 10 vessels with a total capacity of 728,975 dwt.

EuroDry Ltd. (NASDAQ: EDRY) reported a strong second quarter 2022, with net revenues of $21.0 million, a 48.9% increase year-over-year. Net income was $10.6 million or $3.66 per share. Adjusted EBITDA reached $13.7 million. The company announced a $10 million share repurchase program, aimed at enhancing shareholder value. However, due to market volatility, charter rates saw declines of about 40%. Overall, EuroDry maintains a positive outlook despite expected profit reductions from upcoming drydocking projects.

EuroDry Ltd. (NASDAQ: EDRY) will announce its financial results for Q2 2022 on August 8, 2022, after market close. A conference call is scheduled for August 9, 2022, at 10:00 a.m. ET to discuss these results. Investors can participate by calling 866-682-6100 or +1 404-267-0373 and referencing ID number 13732109. An audio webcast and slides will be available on EuroDry's website, with a PDF presentation posted shortly before the call. EuroDry operates a fleet of 11 drybulk carriers with a total capacity of 802,995 dwt and was formed through a spin-off from Euroseas Ltd.

EuroDry Ltd. reported a strong performance for Q1 2022, with total net revenues of $18.3 million, a 113% increase from Q1 2021. Net income attributable to common shareholders surged to $10.5 million, resulting in earnings per share of $3.69. Adjusted EBITDA reached $12.7 million, up from $4.0 million last year. The acquisition of the M/V Santa Cruz for $15.75 million bolstered the fleet, now averaging 9.54 vessels at a time charter rate of $24,636 per day. Despite economic challenges, EuroDry remains optimistic about the drybulk market.

EuroDry Ltd. (NASDAQ: EDRY) will announce its financial results for Q1 2022 on May 18, 2022, before the market opens. A conference call and webcast are scheduled for the same day at 10:30 a.m. ET, during which management will discuss the results. Participants are encouraged to dial in 10 minutes prior to the call. The presentation slides will be available on the company's website. EuroDry, which operates a fleet of 11 drybulk vessels with a total cargo capacity of 802,995 dwt, was spun off from Euroseas Ltd. on May 30, 2018.

EuroDry Ltd. (NASDAQ: EDRY) has announced its acquisition of the M/V Santa Cruz, a Panamax drybulk vessel built in 2005, for $15.75 million. The vessel will be delivered by the end of April 2022, and EuroDry will assume its existing charter at a daily rate of $14,800 until July 2022. This acquisition is part of EuroDry's strategy to expand its fleet amid supportive market conditions, driven by strong demand for drybulk shipping and limited fleet growth. The company expects the new vessel to enhance its net income and EBITDA significantly.

EuroDry Ltd. (NASDAQ: EDRY) announced that its CFO, Dr. Tasos Aslidis, will present at the Virtual Growth Conference hosted by Maxim Group LLC from March 28-30, 2022. This conference features discussions with C-suite executives and live presentations from various issuers. Dr. Aslidis will also participate in a Dry Bulk panel discussion on March 29 at 10:00 am EDT. EuroDry operates a fleet of 10 drybulk vessels, with a total capacity of 726,555 dwt, serving the drybulk shipping market.

EuroDry Ltd. (NASDAQ: EDRY) announced a new charter for its drybulk vessel M/V “Molyvos Luck” effective May 2022. The vessel will operate under a time charter of 11 to 13 months at a daily rate of $25,750, nearly double its current rate, securing at least $8.5 million in gross revenue and contributing over $5.5 million to EBITDA. This move enhances profitability and cash flow visibility for EuroDry, with its charter coverage at approximately 29% for 2022.