Business
EuroDry Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2024
ATHENS, Greece, Aug. 08, 2024 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and
About this update from Eurodry Ltd.
[{"type":"text","content":"ATHENS, Greece, Aug. 08, 2024 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three and six month periods ended June 30, 2024. Second Quarter 2024 Highlights: Total net revenues for the quarter of $17.4 million.Net loss attributable to controlling shareholders, of $0.41 million or $0.15 loss per share basic and diluted, respectively.Adjusted net loss1 attributable to controlling shareholders for the quarter of $0.45 million or $0.17 loss per share basic and diluted, respectively, before unrealized gain on derivatives.Adjusted EBITDA1 for the quarter was $5.0 million.An average of 13.0 vessels were owned and operated during the second quarter of 2024 earning an average time charter equivalent rate of $14,427 per day. The original share repurchase program of $10 million approved by the Board in August 2022 and already extended for a year has been extended for another year. To-date, about $5.0 million have been used to repurchase 313,318 shares of the Company. The Company also announced that it completed its 2023 Sustainability Report which is available at its website (http://www.eurodry.gr/company/sustainability.html) First Half 2024 Highlights: Total net revenues of $31.9 million.Net loss attributable to controlling shareholders was $2.2 million or $0.81 loss per share basic and diluted. Adjusted net loss1 attributable to controlling shareholders for the period was $3.7 million or $1.35 adjusted loss per share basic and diluted1, respectively, before unrealized gain on derivatives.Adjusted EBITDA1 of $7.1 million.An average of 13.0 vessels were owned and operated during the first half of 2024 earning an average time charter equivalent rate of $13,452 per day. ________________________1Adjusted EBITDA, Adjusted net loss attributable to controlling shareholders and Adjusted loss per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry’s financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP....