In This Article:
-
Total Net Revenues (Q2 2024): $17.4 million, a 68.7% increase from Q2 2023.
-
Net Loss Attributable to Controlling Shareholders (Q2 2024): $0.41 million or $0.15 loss per share.
-
Adjusted Net Loss (Q2 2024): $0.45 million or $0.17 loss per share.
-
Adjusted EBITDA (Q2 2024): $0.5 million.
-
Share Repurchase: 313,318 shares repurchased for about $5 million.
-
Interest and Other Financing Costs (Q2 2024): $2 million.
-
Average Time Charter Equivalent Rate (Q2 2024): $14,427 per day.
-
Total Daily Operating Expenses (Q2 2024): $7,062 per vessel per day.
-
Cash Flow Breakeven Level (Q2 2024): $16,214 per vessel per day.
-
Debt (as of June 30, 2024): $98.1 million.
-
Book Value of Vessels (as of June 30, 2024): $197.2 million.
-
Net Asset Value (NAV) per Share: Estimated in excess of $63.
Release Date: August 08, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
EuroDry Ltd (NASDAQ:EDRY) reported a 68.7% increase in total net revenues for Q2 2024 compared to the same period in 2023, driven by higher time charter rates and an increased number of vessels.
-
The company has successfully repurchased 313,318 shares of its common stock, totaling about $5 million, under its share repurchase plan.
-
EuroDry Ltd (NASDAQ:EDRY) has a diversified fleet of 13 vessels, including modern Eco-1 vessels, which positions it well for future market opportunities.
-
The company reported an adjusted EBITDA of $5 million for Q2 2024, doubling from $2.5 million in Q2 2023, indicating improved operational performance.
-
EuroDry Ltd (NASDAQ:EDRY) is strategically keeping its fleet exposed to the market, anticipating potential rate increases due to limited supply growth and potential demand recovery.
Negative Points
-
EuroDry Ltd (NASDAQ:EDRY) reported a net loss attributable to controlling shareholders of $0.41 million for Q2 2024, continuing a trend of negative earnings per share.
-
The company experienced higher drydocking expenses in Q2 2024, which are expected to continue into the next quarter, impacting profitability.
-
Interest and other financing costs increased to $2 million in Q2 2024, up from $1.25 million in the same period of 2023, due to higher debt levels and increased benchmark rates.
-
Despite a favorable charter rate environment, EuroDry Ltd (NASDAQ:EDRY) has faced two consecutive quarters of negative EPS, raising concerns about future profitability.
-
The company's stock is trading at a substantial discount compared to its net asset value, indicating potential undervaluation but also reflecting market skepticism.