EuroDry Ltd. Files Q3 2024 Results

TL;DR

EDRY filed Q3 results, but CEO commentary is excluded. Check the full release for details.

AI Summary

EuroDry Ltd. reported its financial results for the nine-month period and quarter ended September 30, 2024, via a press release filed on November 19, 2024. The filing incorporates this press release by reference, excluding specific commentary from Chairman and CEO Aristides Pittas.

Why It Matters

This filing provides investors with the latest financial performance data for EuroDry Ltd., crucial for understanding the company's operational and financial health in the drybulk shipping sector.

Risk Assessment

Risk Level: low — This is a routine financial results filing with no new material events or significant changes indicated.

Key Players & Entities

• EuroDry Ltd. (company) — Registrant
• Aristides Pittas (person) — Chairman and CEO of EuroDry Ltd.
• November 19, 2024 (date) — Filing date of the 6-K and press release
• September 30, 2024 (date) — End of reporting period for financial results

FAQ

Key Financial Figures

• $14.7 million — Total net revenues for the quarter of $14.7 million. Net loss attributable to controlling
• $4.2 million — butable to controlling shareholders, of $4.2 million or $1.53 loss per share basic and dilut
• $1.53 — olling shareholders, of $4.2 million or $1.53 loss per share basic and diluted, respe
• $3.9 million — rolling shareholders for the quarter of $3.9 million or $1.42 loss per share basic and dilut
• $1.42 — ders for the quarter of $3.9 million or $1.42 loss per share basic and diluted, respe
• $0.5 million — Adjusted EBITDA 1 for the quarter was $0.5 million. An average of 13.0 vessels were owned
• $13,105 — average time charter equivalent rate of $13,105 per day. To date, about $5.0 million
• $5.0 million — te of $13,105 per day. To date, about $5.0 million has been used to repurchase 314,337 sha
• $10 m — nder our share repurchase plan of up to $10 million, announced in August 2022. Rece
• $16 million — ls drawing approximately an incremental $16 million thus increasing its cash reserves, exte
• $46.6 million — 024 Highlights: Total net revenues of $46.6 million. Net loss attributable to controlling
• $6.4 million — butable to controlling shareholders was $6.4 million or $2.34 loss per share basic and dilut
• $2.34 — olling shareholders was $6.4 million or $2.34 loss per share basic and diluted. Adj
• $7.5 million — rolling shareholders for the period was $7.5 million or $2.77 adjusted loss per share basic
• $2.77 — ders for the period was $7.5 million or $2.77 adjusted loss per share basic and dilut

Filing Documents

• f111924edry6k.htm (6-K) — 163KB
• f111924edry6k001.jpg (GRAPHIC) — 33KB
• 0001317861-24-000053.txt ( ) — 210KB

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: November 19, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President 3 Exhibit 1 EuroDry Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2024 Maroussi, Athens, Greece November 19, 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 nine-month periods ended September 30, 2024. Third Quarter 2024 Highlights: Total net revenues for the quarter of $14.7 million. Net loss attributable to controlling shareholders, of $4.2 million or $1.53 loss per share basic and diluted, respectively. Adjusted net loss 1 attributable to controlling shareholders for the quarter of $3.9 million or $1.42 loss per share basic and diluted, respectively. Adjusted EBITDA 1 for the quarter was $0.5 million. An average of 13.0 vessels were owned and operated during the third quarter of 2024 earning an average time charter equivalent rate of $13,105 per day. To date, about $5.0 million has been used to repurchase 314,337 shares of the Company, under our share repurchase plan of up to $10 million, announced in August 2022. Recent developments: The Company refinanced two of its loans involving four of its vessels drawing approximately an incremental $16 million thus increasing its cash reserves, extending maturities to 2029 and 2030, respectively, and decreasing interest cost margin. Nine Months 2024 Highlights: Total net revenues of $46.6 million. Net loss attributable to controlling shareholders was $6.4 million or $2.34 loss per share basic and diluted. Adjusted net loss 1 attributable to controlling shareholders for the period was $7.5 mi

View Full Filing

View this 6-K filing on SEC EDGAR