Earnings News in Focus: EuroDry Ltd. (NASDAQ:EDRY) Declares Earnings report

EuroDry Ltd. (NASDAQ:EDRY) stock identified change of 53.78% away from 52-week low price and recently located move of -48.14% off 52-week high price. It has market worth of $17.15M . EDRY stock has been recorded -5.09% away from 50 day moving average and -10.83% away from 200 day moving average. Moving closer, we can see that shares have been trading -3.13% off 20-day moving average.

EuroDry Ltd. (NASDAQ:EDRY), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, reported its results for the three-month period ended March 31, 2019. Euroseas Ltd. (“Euroseas” or “Former Parent Company”) contributed to the Company seven subsidiaries comprising its drybulk fleet of six vessels, one Ultramax and two Kamsarmax vessels built between 2016 and 2018, and three Japanese-built Panamax vessels built between 2000 and 2004 (the “Spin-off”). The Company was spun-off from Euroseas Ltd. on May 30, 2018. Historical comparative period reflects the results of the carve-out operations of the seven subsidiaries that were contributed to the Company.

First Quarter 2019 Highlights:

Total net revenues of $5.8 million. Net income of $0.9 million; net income attributable to common shareholders (after a $0.5 million dividend on Series B Preferred Shares) of $0.4 million or $0.18 earnings per share basic and diluted. The results include a $0.9 million or $0.39 per share of unrealized gains on derivatives.

Adjusted EBITDA1 was $2.5 million.

An average of 7.0 vessels were owned and operated during the first quarter of 2019 earning an average time charter equivalent rate of $9,472 per day (for the definition of time charter equivalent rate please refer to a subsequent section of the Press Release).

The Company declared its fourth in-kind dividend of $0.1 million by issuing additional Series B Preferred Shares. The Company also declared a dividend of $0.4 million to be paid in cash, on its Series B Preferred Shares.

 The Services sector company, EuroDry Ltd. noticed change of 0.27% to $7.52 along volume of 1487 shares in recent session compared to an average volume of 12.55K. The stock observed return of -2.54% in 5 days trading activity. The stock was at -6.24% over one month performance. EDRY’s shares are at -1.64% for the quarter and is now at -12.46% since this point in 2018.   The average volatility for the week at 2.30% and for month was at 2.05%. There are 2.28M shares outstanding and 0.81M shares are floated in market. 

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