EuroDry Clocks 113% Revenue Growth In Q1

EuroDry Ltd EDRY reported first-quarter revenue growth of 113.2% year-over-year to $18.28 million, and Adjusted EPS improved to $3.30 from $0.55 in 1Q21.
The operating income increased to $10.24 million, and the margin expanded to 56%, up by 2,011 bps.
Adjusted EBITDA was $12.71 million (+217.3% Y/Y) and margin expanded to 69.5% from 46.7% in 1Q21.
Interest and other financing costs for Q1 remained unchanged at $0.6 million.
EDRY's net cash provided by operating activities for Q1 totaled $10.09 million, compared to $0.20 million a year ago. It held cash and equivalents of $14.16 million at the end of the quarter.
An average of 9.54 vessels were owned and operated during the quarter earning an average time charter equivalent rate of $24,636 per day.
"The significant earnings generated by our vessels have allowed us to exploit investment opportunities and to expand our fleet by 2 units in 2022, building on our two-prong growth strategy that combines modern eco vessels built during the last 8-10 years that have attractive commercial characteristics with high quality older and, thus, lower capital cost vessels that make outsized contribution to our earnings per dollar invested," commented Aristides Pittas, Chairman and CEO.
Price Action: EDRY shares are trading lower by 3.74% at $33.69 on the last check Wednesday.

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