Euroseas Ltd. Reports Q2 2024 Results

TL;DR

Euroseas dropped its Q2 2024 earnings report on 8/6, check the 6-K for details.

AI Summary

Euroseas Ltd. reported its results for the six-month period and quarter ended June 30, 2024, via a Form 6-K filed on August 6, 2024. The filing incorporates by reference a press release detailing these financial results. The report focuses on the company's performance during the specified periods.

Why It Matters

This filing provides investors with the latest financial performance data for Euroseas 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 reporting filing (6-K) that incorporates a press release with financial results, not a material event like an acquisition or major operational change.

Key Players & Entities

• EUROSEAS LTD. (company) — Filer of the report
• August 6, 2024 (date) — Date of filing and press release
• June 30, 2024 (date) — End of reporting period
• 001-33283 (company) — SEC File Number for Euroseas Ltd.

FAQ

Key Financial Figures

• $58.7 million — ial Highlights: Total net revenues of $58.7 million. Net income of $40.7 million or $5.89 a
• $40.7 million — evenues of $58.7 million. Net income of $40.7 million or $5.89 and $5.84 earnings per share b
• $5.89 — million. Net income of $40.7 million or $5.89 and $5.84 earnings per share basic and
• $5.84 — et income of $40.7 million or $5.89 and $5.84 earnings per share basic and diluted, r
• $34.3 million — djusted net income 1 for the period was $34.3 million or $4.95 and $4.92 per share basic and
• $4.95 — e 1 for the period was $34.3 million or $4.95 and $4.92 per share basic and diluted.
• $4.92 — e period was $34.3 million or $4.95 and $4.92 per share basic and diluted. Adjusted
• $42.3 million — ic and diluted. Adjusted EBITDA 1 was $42.3 million. An average of 21.26 vessels were owne
• $31,639 — average time charter equivalent rate of $31,639 per day. Declared a quarterly dividen
• $0.60 — day. Declared a quarterly dividend of $0.60 per share for the second quarter of 202
• $24,250 — -twenty-five-month charter at a rate of $24,250 per day. As of August 6, 2024, we hav
• $8.2 m — n stock in open market transactions for $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. The original sha
• $105.4 million — ial Highlights: Total net revenues of $105.4 million. Net income of $60.8 million or $8.77 a
• $60.8 million — venues of $105.4 million. Net income of $60.8 million or $8.77 and $8.71 earnings per share b

Filing Documents

• f80624esea6k.htm (6-K) — 195KB
• f80624esea6k002.gif (GRAPHIC) — 41KB
• 0001317861-24-000040.txt ( ) — 252KB

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: August 6, 2024 By: /s/ Aristides J. Pittas Name: Aristides J. Pittas Title: President 3 Exhibit 1 Euroseas Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2024 Athens, Greece August 6, 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- and six-month periods ended June 30, 2024. Second Quarter 2024 Financial Highlights: Total net revenues of $58.7 million. Net income of $40.7 million or $5.89 and $5.84 earnings per share basic and diluted, respectively. Adjusted net income 1 for the period was $34.3 million or $4.95 and $4.92 per share basic and diluted. Adjusted EBITDA 1 was $42.3 million. An average of 21.26 vessels were owned and operated during the second quarter of 2024 earning an average time charter equivalent rate of $31,639 per day. Declared a quarterly dividend of $0.60 per share for the second quarter of 2024 payable on or about September 17, 2024, to shareholders of record on September 9, 2024, as part of the Companys common stock dividend plan. On July 19, 2024, the Company took delivery of its seventh newbuilding M/V Pepi Star, an eco 1,800 teu feeder containership from Hyundai Mipo Dockyard Co. in South Korea. The vessel is EEDI Phase 3 compliant and equipped with a Tier III engine and other sustainability linked features including installation of AMP (alternative maritime power). The acquisition was financed with a combination of own funds and a loan provided by Piraeus Bank S.A. Following its delivery, M/V Pepi Star commenced a twenty-three-to-twenty-five-month charter at a rate of $24,250 per day. As of August 6,

View Full Filing

View this 6-K filing on SEC EDGAR