Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced its results for the three and nine-month periods ended September 30, 2024. Third Quarter 2024 Financial Highlights:
• Total net revenues of $54.1 million. Net income of $27.6 million or $3.97 and $3.95 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $27.4 million or $3.94 and $3.92 per share basic and diluted.
• Adjusted EBITDA1 was $36.1 million.
• An average of 23.0 vessels were owned and operated during the third quarter of 2024 earning an average time charter equivalent rate of $26,446 per day.
• Declared a quarterly dividend of $0.60 per share for the third quarter of 2024 payable on or about December 17, 2024 to shareholders of record on December 9, 2024 as part of the Company’s common stock dividend plan.
• As of November 20, 2024 we had repurchased 414,367 of our common stock in the open market for a total of about $8.8 million, under our share repurchase plan of up to $20 million announced in May 2022.
