Euroseas Ltd. Reports Q1 2024 Results, Declares Dividend

TL;DR

Euroseas dropped Q1 results & declared a dividend. Shipping sector update.

AI Summary

Euroseas Ltd. reported its financial results for the quarter ended March 31, 2024, on May 23, 2024. The company also declared a quarterly common stock dividend. Aristides Pittas, Chairman and CEO, commented on the results, though specific financial figures for the quarter were not detailed in this filing excerpt.

Why It Matters

This filing provides an update on Euroseas Ltd.'s financial performance and dividend distribution, which are key indicators for investors in the shipping industry.

Risk Assessment

Risk Level: low — This is a routine financial results and dividend declaration filing, not indicating significant new risks.

Key Players & Entities

• Euroseas Ltd. (company) — Registrant
• May 23, 2024 (date) — Date of press release and filing
• March 31, 2024 (date) — End of reporting quarter
• Aristides Pittas (person) — Chairman and CEO

FAQ

Key Financial Figures

• $46.7 million — ial Highlights: Total net revenues of $46.7 million. Net income of $20.0 million or $2.89 a
• $20.0 million — evenues of $46.7 million. Net income of $20.0 million or $2.89 and $2.87 earnings per share b
• $2.89 — million. Net income of $20.0 million or $2.89 and $2.87 earnings per share basic and
• $2.87 — et income of $20.0 million or $2.89 and $2.87 earnings per share basic and diluted, r
• $18.5 million — djusted net income 1 for the period was $18.5 million or $2.67 and $2.66 per share basic and
• $2.67 — e 1 for the period was $18.5 million or $2.67 and $2.66 per share basic and diluted.
• $2.66 — e period was $18.5 million or $2.67 and $2.66 per share basic and diluted. Adjusted
• $24.6 million — ic and diluted. Adjusted EBITDA 1 was $24.6 million. An average of 19.6 vessels were owne
• $27,806 — average time charter equivalent rate of $27,806 per day. Declared a quarterly dividen
• $0.60 — day. Declared a quarterly dividend of $0.60 per share for the first quarter of 2024
• $8.2 m — in the open market for a total of about $8.2 million, since the initiation of our shar
• $20 million — n of our share repurchase plan of up to $20 million announced in May 2022. Aristides Pitt
• $41.9 million — r the first quarter of 2024 compared to $41.9 million for the first quarter of 2023. Total
• $26.0 million — r of 2024 was $24.6 million compared to $26.0 million achieved in the first quarter of last y
• $148.6 m — educting the unamortized loan fees) was $148.6 million, versus restricted and unrestrict

Filing Documents

• f52324esea6k.htm (6-K) — 167KB
• f52324esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000026.txt ( ) — 225KB

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: May 23, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President 3 Exhibit 1 Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2024 and Declares Quarterly Common Stock Dividend Maroussi, Athens, Greece May 23, 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, announced today its results for the three-month period ended March 31, 2024 and declared a common stock dividend. First Quarter 2024 Financial Highlights: Total net revenues of $46.7 million. Net income of $20.0 million or $2.89 and $2.87 earnings per share basic and diluted, respectively. Adjusted net income 1 for the period was $18.5 million or $2.67 and $2.66 per share basic and diluted. Adjusted EBITDA 1 was $24.6 million. An average of 19.6 vessels were owned and operated during the first quarter of 2024 earning an average time charter equivalent rate of $27,806 per day. Declared a quarterly dividend of $0.60 per share for the first quarter of 2024 payable on or about June 19, 2024 to shareholders of record on June 12, 2024, as part of the Companys common stock dividend plan. As of May 23, 2024 we had repurchased 400,705 of our common stock in the open market for a total of about $8.2 million, since the initiation of our share repurchase plan of up to $20 million announced in May 2022. Aristides Pittas, Chairman and CEO of Euroseas commented: During 2024 and through mid-May of 2024, the containership markets continued their recovery mainly on the back of higher demand for vessels which resulted from longer trade routes. The latter resulted when liner companies decided to avoid going through the Red Sea a

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View this 6-K filing on SEC EDGAR