EuroDry (NASDAQ:EDRY) Posts Earnings Results, Beats Estimates By $0.15 EPS

EuroDry (NASDAQ:EDRY) announced its quarterly earnings results on Wednesday. The company reported $2.32 earnings per share for the quarter, beating the consensus estimate of $2.17 by $0.15, FiscalAI reports. EuroDry had a return on equity of 15.61% and a net margin of 25.10%. The firm had revenue of $19.41 million for the quarter, compared to analysts’ expectations of $20.00 million.

Here are the key takeaways from EuroDry’s conference call:

• Third-quarter revenue rose 34.9% to $19.4 million, while net income attributable to controlling shareholders was $6.9 million versus a $0.7 million loss a year earlier; adjusted EBITDA increased to $11.3 million from $4.1 million. Average fleet TCE rates rose to $20,551 per day from $13,232.
• Dry-bulk conditions were stronger year over year, but recent trends were mixed: Panamax spot and one-year charter rates eased from third-quarter averages, while Ultramax spot rates strengthened. Management said the 2027 FFA curve is below current rates and highlighted geopolitical and economic uncertainty.
• EuroDry has five newbuildings scheduled for delivery from 2027 through 2029, including a newly contracted $37 million Kamsarmax, which would expand its fleet from 11 to 16 vessels. Management said it prefers newbuilds to high-priced secondhand ships, though the latest vessel’s contract is conditional on an acceptable bank refund guarantee and will be funded with debt and equity.
• The company raised about $10.7 million by issuing shares at an average $67.54 and extended its $10 million repurchase program, positioning capital issuance and buybacks around share value, according to management. EuroDry reported $50 million in unrestricted cash; management estimated NAV at $66–$67 per share, while noting the shares were then trading near $39.
• Scheduled dry dockings for three vessels are expected to cost about $4 million, roughly split between the fourth quarter and first half of 2027, and could weigh on results in coming quarters. The company estimated its all-in cash flow breakeven for the next 12 months at around $13,000 per vessel per day.

EuroDry Stock Down 8.1%

Shares of NASDAQ:EDRY traded down $3.44 on Friday, reaching $38.72. The company had a trading volume of 21,006 shares, compared to its average volume of 70,340. EuroDry has a twelve month low of $12.30 and a twelve month high of $73.07. The stock has a 50-day moving average price of $51.61 and a 200 day moving average price of $30.76. The stock has a market capitalization of $111.11 million, a P/E ratio of 6.53 and a beta of 0.82. The company has a quick ratio of 1.23, a current ratio of 1.28 and a debt-to-equity ratio of 0.69.

Insider Buying and Selling at EuroDry

In other EuroDry news, insider Symeon Pariaros sold 2,700 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $42.00, for a total value of $113,400.00. Following the sale, the insider owned 4,576 shares in the company, valued at approximately $192,192. The trade was a 37.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Aristeidis P. Pittas sold 2,950 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $50.76, for a total transaction of $149,742.00. Following the completion of the transaction, the director owned 33,020 shares in the company, valued at approximately $1,676,095.20. This represents a 8.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have bought 2,200 shares of company stock worth $110,925 and have sold 11,993 shares worth $548,277. Company insiders own 51.40% of the company’s stock.

Analyst Ratings Changes

EDRY has been the topic of several research analyst reports. Zacks Research upgraded shares of EuroDry from a “hold” rating to a “strong-buy” rating in a research note on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of EuroDry in a report on Friday, August 21st. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of EuroDry in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.50.

EuroDry Company Profile

EuroDry Ltd. is an international drybulk shipping company that owns and operates vessels used to transport commodities by sea. Its cargoes include iron ore, coal, grain, bauxite, fertilizers and other drybulk materials. The company serves global trade routes and employs vessel-chartering arrangements, including time and voyage charters, to provide transportation services to cargo owners and charterers. EuroDry began operations in 2018 after being spun off from Euroseas Ltd. The company is based in Athens, Greece, and is led by Chairman and Chief Executive Officer Aristides Pittas.