EuroDry Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags

EuroDry (NASDAQ:EDRY) Full Year 2023 Results

Key Financial Results

• Revenue: US$47.6m (down 32% from FY 2022).
• Net loss: US$2.91m (down by 109% from US$33.5m profit in FY 2022).
• US$1.05 loss per share (down from US$11.66 profit in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

EuroDry Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 3.3%.

In the last 12 months, the only revenue segment was Drybulk Vessels contributing US$47.6m. Notably, cost of sales worth US$28.3m amounted to 59% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Depreciation & Amortisation (D&A) costs, amounting to US$11.0m (49% of total expenses). Explore how EDRY's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 25% p.a. on average during the next 2 years, while revenues in the Shipping industry in the US are expected to remain flat.

Performance of the American Shipping industry.

The company's shares are down 1.5% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 2 warning signs for EuroDry (1 shouldn't be ignored!) that you need to be mindful of.

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