EuroDry (NASDAQ:EDRY) Releases Earnings Results, Misses Estimates By $0.30 EPS

EuroDry (NASDAQ:EDRY) issued its earnings results on Wednesday. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.30), Zacks reports. The company had revenue of $12.79 million for the quarter, compared to analysts’ expectations of $15.62 million. EuroDry had a negative return on equity of 0.88% and a negative net margin of 0.55%.

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

• EuroDry reported Q1 2026 net revenues of $12.8 million, up 38.9% year over year, with net income of $0.26 million and adjusted EBITDA of $4.9 million. Management said stronger charter rates and improved fleet utilization drove the better results.
• The company’s fleet performance improved materially, with 100% commercial utilization and 99.7% overall utilization in the quarter. Average TCE rose to $14,416/day versus $7,167/day a year earlier, and the company said rates remain above its cash breakeven level.
• EuroDry expanded its newbuilding program by ordering two 82,000 dwt Kamsarmax vessels for about $74 million, alongside two Ultramaxes already on order. The company said financing will likely be a mix of debt and equity, with delivery expected in Q1-Q2 2028.
• Management said the dry bulk market has started 2026 stronger than expected, with spot and one-year charter rates improving and market fundamentals supported by healthy trade flows. They also noted a low global order book and limited fleet growth could support freight rates over the medium term.
• The company continues to balance share repurchases and fleet investment, having bought back 348,000 shares for $5.6 million under its program. Management also said some older Panamax vessels could become sale candidates later if secondhand prices stay elevated, but no decision has been made yet.

EuroDry Stock Performance

Shares of EDRY stock opened at $23.41 on Friday. The firm has a market cap of $67.65 million, a price-to-earnings ratio of -180.08 and a beta of 0.65. The company’s 50 day moving average is $20.32 and its 200 day moving average is $16.50. The company has a quick ratio of 1.46, a current ratio of 1.53 and a debt-to-equity ratio of 0.89. EuroDry has a 52-week low of $7.60 and a 52-week high of $24.00.

Analysts Set New Price Targets

EDRY has been the topic of a number of research reports. Zacks Research lowered shares of EuroDry from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Wall Street Zen raised shares of EuroDry from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Weiss Ratings raised shares of EuroDry from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Wednesday, May 6th. Finally, Noble Financial raised shares of EuroDry from a “market perform” rating to an “outperform” rating and set a $23.50 target price on the stock in a research report on Thursday, February 12th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.50.

EuroDry Company Profile

EuroDry Limited is a Marshall Islands–incorporated shipping company, formed in 2005 and headquartered in Piraeus, Greece. The company is publicly traded on the NASDAQ under the symbol EDRY. Since its inception, EuroDry has focused exclusively on the marine transportation of drybulk commodities and has grown its fleet through a combination of newbuilding contracts and second-hand acquisitions.

As of mid-2024, EuroDry’s operating fleet comprises Capesize, Panamax and Supramax drybulk carriers, collectively providing over one million deadweight tons (dwt) of capacity.