Euroseas Hikes Dividend 20% to $0.60 After Strong 2023 Results

TL;DR

**Euroseas just boosted its dividend by 20% to $0.60 per share after reporting its 2023 results!**

AI Summary

Euroseas Ltd. (NASDAQ: ESEA) reported its financial results for the year and quarter ended December 31, 2023, on February 21, 2024. The company announced a 20% increase in its quarterly dividend, raising it to $0.60 per share. This filing, a Form 6-K, includes a press release detailing these results and the dividend increase.

Why It Matters

The dividend increase signals management's confidence in future earnings and could attract income-focused investors, impacting the stock's valuation and investor sentiment.

Risk Assessment

Risk Level: low — This filing reports positive news (dividend increase) and financial results, which generally reduces immediate investment risk.

Key Numbers

• $0.60 — Dividend Per Share (Increased quarterly dividend)
• 20% — Dividend Increase (Percentage increase in dividend)

Key Players & Entities

• EUROSEAS LTD. (company) — registrant
• $0.60 (dollar_amount) — increased dividend per share
• February 21, 2024 (date) — date of report and press release
• December 31, 2023 (date) — end of reporting period
• Aristides Pittas (person) — Chairman and CEO of Euroseas

FAQ

Key Financial Figures

• $0.60 — , 2023 and increases dividend by 20% to $0.60 per share. This Report on Form 6-K (wh
• $49.1 million — ial Highlights: Total net revenues of $49.1 million. Net income of $24.7 million or $3.58 a
• $24.7 million — evenues of $49.1 million. Net income of $24.7 million or $3.58 and $3.56 earnings per share b
• $3.58 — million. Net income of $24.7 million or $3.58 and $3.56 earnings per share basic and
• $3.56 — et income of $24.7 million or $3.58 and $3.56 earnings per share basic and diluted, r
• $25.0 million — djusted net income 1 for the period was $25.0 million or $3.62 and $3.61 per share basic and
• $3.62 — e 1 for the period was $25.0 million or $3.62 and $3.61 per share basic and diluted.
• $3.61 — e period was $25.0 million or $3.62 and $3.61 per share basic and diluted. An averag
• $29,266 — average time charter equivalent rate of $29,266 per day. Declared a quarterly dividen
• $8.2 m — utstanding shares, for a total of about $8.2 million, under the share repurchase plan
• $20 million — nder the share repurchase plan of up to $20 million announced in May 2022. Full Year 2023
• $189.4 million — 023 Highlights: Total net revenues of $189.4 million. Net income of $114.5 million or $16.53
• $114.5 million — venues of $189.4 million. Net income of $114.5 million or $16.53 and $16.52 earnings per share
• $16.53 — illion. Net income of $114.5 million or $16.53 and $16.52 earnings per share basic and
• $16.52 — income of $114.5 million or $16.53 and $16.52 earnings per share basic and diluted, r

Filing Documents

• f22124esea6k.htm (6-K) — 202KB
• f22124esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000010.txt ( ) — 260KB

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. EUROSEAS LTD. Dated: February 21, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President Exhibit 1 Euroseas Ltd. Reports Results for the Year and Quarter Ended December 31, 2023 and increases dividend by 20% to $0.60 per share Maroussi, Athens, Greece February 21, 2024 Euroseas Ltd. (NASDAQ: ESEA, the Company or Euroseas), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, reported the following results for the three-month period and full year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights: Total net revenues of $49.1 million. Net income of $24.7 million or $3.58 and $3.56 earnings per share basic and diluted, respectively. Adjusted net income 1 for the period was $25.0 million or $3.62 and $3.61 per share basic and diluted. An average of 19.0 vessels were owned and operated during the fourth quarter of 2023 earning an average time charter equivalent rate of $29,266 per day. Declared a quarterly dividend of $0.60 per share for the fourth quarter of 2023 payable on or about March 15, 2024 to shareholders of record on March 8, 2024 as part of the Companys common stock dividend plan. As of February 21, 2024, the Company has repurchased 400,705 of our common stock in the open market, representing about 5.5% of the outstanding shares, for a total of about $8.2 million, under the share repurchase plan of up to $20 million announced in May 2022. Full Year 2023 Highlights: Total net revenues of $189.4 million. Net income of $114.5 million or $16.53 and $16.52 earnings per share basic and diluted, respectively. Adjusted net income 1 for the period was $103.9 million or $14.99 and $14.98 per share basic and diluted, respectively. Adjusted EBITDA 1

View Full Filing

View this 6-K filing on SEC EDGAR