Core Insights - EuroDry Ltd. reported a total net revenue of $17.4 million for Q2 2024, a 68.6% increase from $10.3 million in Q2 2023, driven by higher time charter rates and an increased number of vessels operated [11][19] - The company experienced a net loss attributable to controlling shareholders of $0.41 million in Q2 2024, compared to a net loss of $1.2 million in the same period of 2023 [18][19] - Adjusted EBITDA for Q2 2024 was $5.0 million, up from $2.5 million in Q2 2023, indicating improved operational performance [11][19] Financial Performance - For the first half of 2024, total net revenues reached $31.9 million, a 46.9% increase from $21.7 million in the first half of 2023 [21] - The average time charter equivalent rate for Q2 2024 was $14,427 per day, an 18.5% increase compared to $12,179 per day in Q2 2023 [11][19] - Adjusted net loss for the first half of 2024 was $3.7 million, or $1.35 per share, compared to an adjusted loss of $0.33 per share in the first half of 2023 [29][30] Operational Highlights - The company operated an average of 13 vessels in both Q2 and the first half of 2024, compared to 10 vessels in the same periods of 2023 [11][21] - Daily vessel operating expenses decreased to $6,396 per vessel per day in Q2 2024 from $6,780 in Q2 2023, reflecting improved cost management [10][19] - The fleet utilization rate for Q2 2024 was 99.0%, up from 93.3% in Q2 2023, indicating more efficient use of the fleet [33] Market Environment - The drybulk market showed fluctuations of 5-10% higher than the previous quarter, with signs of seasonal slowdown by the end of June 2024 [7][8] - Earnings for eco-Kamsarmax vessels averaged about $17,800 per day during Q2 2024, while eco-Ultramax vessels earned $3,000 to $4,000 more per day [7] - The company anticipates that low supply growth will support demand increases, particularly influenced by global economic growth and developments in China [8][9] Strategic Initiatives - EuroDry has extended its share repurchase program for another year, having repurchased approximately $5.0 million worth of shares to date [3][9] - The company is evaluating fleet renewal and investment opportunities while maintaining a strategy to capitalize on rate increases through short-term or index-linked charters [9] - The 2023 Sustainability Report has been published, highlighting the company's commitment to environmental, social responsibility, and governance aspects [4][9]

Group 1 - Halliburton Company (HAL) has experienced a 6.2% downward revision in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - EuroDry Ltd. (EDRY) has seen a significant 24.9% downward revision in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Horace Mann Educators Corporation (HMN) has had a 17.5% downward revision in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3] Group 2 - All three companies mentioned have been added to the Zacks Rank 5 (Strong Sell) List, indicating a negative outlook for their stock performance [3]

Financial Data and Key Metrics Changes - The company reported total net revenues of $14.4 million for Q1 2024, a 27.2% increase from $11.3 million in Q1 2023, driven by higher charter rates and an increased number of vessels operated [61][87] - The net loss attributable to controlling shareholders was $1.78 million, compared to a loss of $1.54 million in the same period of 2023 [9][32] - Adjusted EBITDA for Q1 2024 was $2.07 million, down from $2.36 million in Q1 2023 [32] - Basic and diluted loss per share attributable to controlling shareholders was $0.65, compared to $0.55 for the same period last year [32] - Daily cash flow breakeven level was $12,440 per vessel per day, down from $13,186 per vessel per day in the same period of 2023 [33] Business Line Data and Key Metrics Changes - The fleet consisted of 13 vessels, with an average time charter equivalent rate of $12,455 per day, compared to 10 vessels earning an average of $10,674 per day in the same period last year [10][62] - The commercial utilization rate was 100% and operational utilization rate was 98.1% for Q1 2024, compared to 99.8% and 99.7% respectively in Q1 2023 [88] Market Data and Key Metrics Changes - The average spot market rate for Panamaxes was around $13,600 per day in Q1 2024, increasing to approximately $15,000 by May 17, 2024 [4] - One-year time charter rates for Panamaxes rose from about $14,300 last year to $16,150 by May 17, 2024 [4] - Demand for dry bulk trade is expected to grow by 2.4% in 2024, slightly below fleet growth [57] Company Strategy and Development Direction - The company plans to continue operating its fleet at market rates while strengthening its balance sheet and reducing debt, rather than purchasing more vessels at current secondhand prices [8] - The low order book as a percentage of the total fleet is at 9.3%, indicating limited fleet growth over the next two to three years [6] - The company is monitoring the geopolitical environment and its impact on trade and economic growth, particularly in China [5][52] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the future market conditions due to geopolitical tensions and their potential impact on trade and economic growth [52] - The outlook for the dry bulk market remains cautiously optimistic, with expectations of a robust bulk carrier market for the remainder of 2024 [58] - The introduction of new environmental regulations may further curtail supply through increased scrapping and slower operational speeds [30] Other Important Information - As of March 31, 2024, the company had cash and other current assets of approximately $27 million and total assets valued at about $227.4 million [34] - The company has repurchased about 300,000 shares for a total of $4.7 million under its share repurchase program [54] Q&A Session Summary Question: Can you approximate the cost to repair the vessel? - The repair cost is approximately $900,000, which is fully insured, but the loss of time is not covered [15][38] Question: What is the outlook for 2025? - The base case is a positive market for the next few months, but uncertainties remain due to geopolitical tensions [78][95] Question: Will the company refinance any debt soon? - The company plans to use cash flow to repay debt rather than refinancing in the near future [72] Question: What is the expected operating expense trend for the rest of the year? - Operating expenses are expected to be slightly up for the rest of the year compared to Q1 [97] Question: What is the strategy regarding time charters? - The company plans to continue trading spot but may consider securing a portion of its vessels' earnings via time charters if rates firm further [82][96]

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like t ...

ATHENS, Greece, May 21, 2024 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the "Company" or "EuroDry"), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2024. First Quarter 2024 Highlights: Aristides Pittas, Chairman and CEO of EuroDry commented: "During the second half of first quarter of 2024 and through mid-May 2024, drybulk earnings for Ultramax and Kamsarmax vessels have on aver ...

ATHENS, Greece, May 21, 2024 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the "Company" or "EuroDry"), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2024. First Quarter 2024 Highlights: "Our net revenues for the first quarter of 2024 were higher by 27.2% as compared to the first quarter of 2023. This is primarily driven by the increase of 16.7% in average time charter equivalent ...

About EuroDry Ltd. Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Audio Webcast - Slides Presentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company's website. To listen to the archived audio file, visit our website http://www.eurodry.gr and clic ...

ATHENS, Greece, May 17, 2024 (GLOBE NEWSWIRE) -- EuroDry Ltd. (NASDAQ: EDRY, the "Company" or "EuroDry"), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it will release its financial results for the first quarter ended March 31, 2024 on Tuesday, May 21, 2024 before market opens in New York. On the same day, May 21, 2024, at 10:30 a.m. Eastern Time, the Company's management will host a conference call and webcast to discuss the resul ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F _________________ (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECT ...

When it comes to short-term investing or trading, they say "the trend is your friend." And there's no denying that this is the most profitable strategy. But making sure of the sustainability of a trend to profit from it is easier said than done.The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the st ...