Euroseas Ltd. Reports Results for the Year and Quarter Ended December 31

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Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, reported the following results for the three months and full year ended December 31, 2023, reports Global Newswire.

Fourth Quarter 2023 Financial Highlights

  • Total net revenues of $49.1 million. Net income of $24.7 million or $3.58 and $3.56 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $25.0 million or $3.62 and $3.61 per share basic and diluted.
  • An average of 19.0 vessels were owned and operated during the fourth quarter of 2023 earning an average time charter equivalent rate of $29,266 per day.
  • It declared a quarterly dividend of $0.60 per share for the fourth quarter of 2023 payable on or about March 15, 2024, to shareholders of record on March 8, 2024, as part of the Company’s common stock dividend plan.
  • As of February 21, 2024, the Company has repurchased 400,705 of our common stock in the open market, representing about 5.5% of the outstanding shares, for a total of about $8.2 million, under the share repurchase plan of up to $20 million announced in May 2022.

Full Year 2023 Highlights

  • Total net revenues of $189.4 million. Net income of $114.5 million or $16.53 and $16.52 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $103.9 million or $14.99 and $14.98 per share basic and diluted, respectively.
  • Adjusted EBITDAwas $123.6 million.
  • An average of 18.25 vessels were owned and operated during 2023, earning an average time charter equivalent rate of $29,714 per day.

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Source: Global Newswire

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