EuroDry (NASDAQ:EDRY) Posts Earnings Results, Beats Expectations By $0.15 EPS

EuroDry (NASDAQ:EDRY) announced its quarterly earnings results on Wednesday. The company reported $2.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.15, FiscalAI reports. The business had revenue of $19.41 million during the quarter, compared to analyst estimates of $20.00 million. EuroDry had a return on equity of 8.77% and a net margin of 15.02%.

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

• Third-quarter revenue rose 34.9% to $19.4 million, while net income attributable to controlling shareholders was $6.9 million versus a $0.7 million loss a year earlier; adjusted EBITDA increased to $11.3 million from $4.1 million. Average fleet TCE rates rose to $20,551 per day from $13,232.
• Dry-bulk conditions were stronger year over year, but recent trends were mixed: Panamax spot and one-year charter rates eased from third-quarter averages, while Ultramax spot rates strengthened. Management said the 2027 FFA curve is below current rates and highlighted geopolitical and economic uncertainty.
• EuroDry has five newbuildings scheduled for delivery from 2027 through 2029, including a newly contracted $37 million Kamsarmax, which would expand its fleet from 11 to 16 vessels. Management said it prefers newbuilds to high-priced secondhand ships, though the latest vessel’s contract is conditional on an acceptable bank refund guarantee and will be funded with debt and equity.
• The company raised about $10.7 million by issuing shares at an average $67.54 and extended its $10 million repurchase program, positioning capital issuance and buybacks around share value, according to management. EuroDry reported $50 million in unrestricted cash; management estimated NAV at $66–$67 per share, while noting the shares were then trading near $39.
• Scheduled dry dockings for three vessels are expected to cost about $4 million, roughly split between the fourth quarter and first half of 2027, and could weigh on results in coming quarters. The company estimated its all-in cash flow breakeven for the next 12 months at around $13,000 per vessel per day.

EuroDry Stock Up 1.8%

EuroDry stock opened at $39.51 on Thursday. The firm has a market cap of $113.39 million, a price-to-earnings ratio of 11.94 and a beta of 0.82. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.28 and a quick ratio of 1.23. EuroDry has a fifty-two week low of $12.30 and a fifty-two week high of $73.07. The firm has a fifty day moving average price of $51.89 and a two-hundred day moving average price of $30.62.

More EuroDry News

Here’s some of the latest news about EDRY:

• Positive Sentiment: The company raised $10.7 million through its at-the-market share program at an average $67.54 per share and reported more than $50 million in unrestricted cash at quarter-end. It also continued its buyback program and ordered another Kamsarmax vessel, expanding its planned newbuilding fleet. Results, newbuilding and share issuance
• Neutral Sentiment: Management remains optimistic about dry-bulk demand, but said market rates softened somewhat in October, particularly for Panamax/Kamsarmax vessels. Q3 earnings call transcript
• Negative Sentiment: Q3 revenue of $19.4 million was below the $20.0 million analyst estimate cited by MarketBeat. Noble Financial also lowered its Q4 2026 EPS forecast to $1.42 from $1.51. The ATM issuance increases the share count by about 5.4%, while higher vessel-supply costs are another pressure. Noble Financial forecast

Insider Buying and Selling at EuroDry

In other news, Director Panagiotis Kyriakopoulos sold 2,067 shares of EuroDry stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $43.80, for a total value of $90,534.60. Following the transaction, the director directly owned 8,400 shares in the company, valued at approximately $367,920. The trade was a 19.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Aristeidis P. Pittas acquired 600 shares of the company’s stock in a transaction dated Thursday, October 15th. The stock was acquired at an average price of $48.17 per share, for a total transaction of $28,902.00. Following the completion of the purchase, the director directly owned 77,088 shares of the company’s stock, valued at $3,713,328.96. This trade represents a 0.78% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 2,200 shares of company stock worth $110,925 and sold 11,993 shares worth $548,277. Corporate insiders own 51.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on EDRY. Alliance Global Partners restated a “buy” rating on shares of EuroDry in a report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of EuroDry in a research report on Friday, August 21st. Finally, Zacks Research upgraded shares of EuroDry from a “hold” rating to a “strong-buy” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.50.

About EuroDry

EuroDry Ltd. (NASDAQ: EDRY) is a dry bulk shipping company that owns and operates vessels used to transport a range of essential commodities. Its cargoes may include iron ore, grain, coal, steel products, forest products and other dry bulk materials. The company’s fleet has primarily consisted of smaller dry bulk vessels, including Handy-size and Supramax-class ships. These vessels serve international trade routes and are employed through time charters, voyage charters and other commercial arrangements, depending on market conditions and customer requirements.