- Euroseas Ltd. ESEA reported a first-quarter FY23 net revenue decline of 7.6% year-over-year to $41.94 million, beating the consensus of $40.20 million.
- The ocean-going transportation services provider reported an adjusted EPS of $3.09, beating the analyst consensus of $2.73.
- Adjusted EBITDA in Q1 was $26.0 million compared to $31.1 million Y/Y.
- An average of 17.1 vessels were owned and operated during the first quarter of 2023, earning an average time charter equivalent rate of $29,231 per day.
- Euroseas held $29.8 million in cash and equivalents at the end of the quarter.
- Vessel operating expenses for the first quarter of 2023 amounted to $9.8 million as compared to $8.4 million Y/Y.
- Dividend: Euroseas's quarterly dividend of $0.50 per share will be payable on or about June 16, 2023, to shareholders of record on June 9, 2023.
- "We remain focused on efficiently operating our fleet, reducing our carbon footprint, and taking delivery of our remaining eight newbuilding vessels while at the same time looking and evaluating investment opportunities with minimal residual value risk that are accretive to our earnings," said Aristides Pittas, Chairman and CEO of Euroseas.
- Price Action: ESEA shares are trading higher by 3.36% at $19.39 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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