- Euroseas Ltd. (NASDAQ:ESEA) reported fourth-quarter net revenue growth of 218% year-over-year to $38.25 million, beating the consensus of $37.4 million.
- Adjusted EPS improved to $3.17 from $(0.16) in 4Q20, missing the consensus of $3.23.
- Total operating expenses increased by 42.2% Y/Y to $14.38 million. Vessel operating expenses amounted to $8.3 million compared to $7.5 million for the same period of 2020, reflecting the lower number of vessels owned and operated.
- On average, 15.01 vessels were owned and operated during the quarter, earning an average time charter equivalent rate of $29,994 per day versus 14.43 vessels last year, earning $10,497 per day.
- The operating income increased to $23.87 million from $1.92 million a year ago, and the margin expanded to 62.4% from 16% last year.
- Euroseas generated cash from operating activities of $52.63 million, compared to $2.43 million a year ago.
- Adjusted EBITDA was $26.08 million compared to $2.12 million a year ago, and the margin expanded to 68.2% compared to 17.6% a year ago.
- Euroseas held $31.5 million in cash and equivalents at the end of the quarter.
- "We are quite optimistic about the strength of the market over the next couple of years despite the expected easing of the inefficiencies in ports, due to the limited deliveries in the near term and the constraints on effective fleet supply of the emissions regulations from 2023 onwards alongside trade growth which has rebounded from the pandemic lows," said Aristides Pittas, Chairman and CEO of Euroseas.
- Price Action: ESEA shares are trading lower by 6.71% at $30.10 on the last check Tuesday.
