EuroDry Reports Q4 and Full-Year 2023 Results via 6-K Filing

TL;DR

**EuroDry just dropped its Q4 and full-year 2023 earnings, so check the details!**

AI Summary

EuroDry Ltd. filed a Form 6-K on February 16, 2024, to report its financial results for the year and quarter ended December 31, 2023. The filing includes a press release issued on February 15, 2024, detailing these results. The company, based in Maroussi, Greece, operates in water transportation and files annual reports under Form 20-F.

Why It Matters

This filing provides investors with EuroDry Ltd.'s latest financial performance, crucial for evaluating the company's health and future prospects in the shipping industry.

Risk Assessment

Risk Level: low — This is a routine financial reporting filing and does not inherently introduce new risks, but rather provides information to assess existing business risks.

Key Players & Entities

• EuroDry Ltd. (company) — registrant
• Aristides Pittas (person) — Chairman and CEO of EuroDry
• February 16, 2024 (date) — filing date
• December 31, 2023 (date) — reporting period end
• February 15, 2024 (date) — press release date
• Maroussi, Greece (company) — principal executive office address

FAQ

Key Financial Figures

• $15.9 million — 023 Highlights: Total net revenues of $15.9 million. Net income attributable to controlli
• $0.3 million — butable to controlling shareholders, of $0.3 million or $0.13 earnings per share basic and d
• $0.13 — olling shareholders, of $0.3 million or $0.13 earnings per share basic and diluted.
• $1.9 m — olling shareholders, for the quarter of $1.9 million, or, $0.71 and $0.70 per share ba
• $0.71 — s, for the quarter of $1.9 million, or, $0.71 and $0.70 per share basic and diluted,
• $0.70 — quarter of $1.9 million, or, $0.71 and $0.70 per share basic and diluted, respective
• $6.6 million — d, respectively. Adjusted EBITDA 1 was $6.6 million. An average of 12.2 vessels were owned
• $14,570 — average time charter equivalent rate of $14,570 per day. As of February 15, 2023, we
• $4.1 m — our common stock in the open market for $4.1 million, under our share repurchase plan
• $10 m — nder our share repurchase plan of up to $10 million, announced in August 2022. 1 Ad
• $47.6 million — 023 Highlights: Total net revenues of $47.6 million. Net loss attributable to controlling
• $2.9 m — butable to controlling shareholders, of $2.9 million, or $1.05 loss per share basic an
• $1.05 — lling shareholders, of $2.9 million, or $1.05 loss per share basic and diluted. Adj
• $0.12 — ers, for the period was $0.3 million or $0.12 adjusted earnings per share basic and d
• $14.6 million — ic and diluted. Adjusted EBITDA 1 was $14.6 million. An average of 10.6 vessels were owne

Filing Documents

• f21624edry6k.htm (6-K) — 167KB
• f21624edry6k001.jpg (GRAPHIC) — 33KB
• 0001317861-24-000009.txt ( ) — 214KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EURODRY LTD. Dated: February 16, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President 3 Exhibit 1 EuroDry Ltd. Reports Results for the Year and Quarter Ended December 31, 2023 Maroussi, Athens, Greece February 15, 2024 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 twelve-month periods ended December 31, 2023. Fourth Quarter 2023 Highlights: Total net revenues of $15.9 million. Net income attributable to controlling shareholders, of $0.3 million or $0.13 earnings per share basic and diluted. Adjusted net income 1 attributable to controlling shareholders, for the quarter of $1.9 million, or, $0.71 and $0.70 per share basic and diluted, respectively. Adjusted EBITDA 1 was $6.6 million. An average of 12.2 vessels were owned and operated during the fourth quarter of 2023 earning an average time charter equivalent rate of $14,570 per day. As of February 15, 2023, we had repurchased 273,120 shares of our common stock in the open market for $4.1 million, under our share repurchase plan of up to $10 million, announced in August 2022. 1 Adjusted EBITDA, Adjusted net income / (loss) and Adjusted earnings / (loss) per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDrys 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. 4 Full Year 2023 Highlights: Total net revenues of $47.6 million. Ne

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View this 6-K filing on SEC EDGAR