EuroHoldings Q2 Net Income Hits $4.3M, EPS $1.52; Tanker Delivery Delayed to September
EHLD sits 39% above its 52-week low of $6.11.
Summary
EuroHoldings reported its strongest quarterly earnings to date, with Q2 net income of $4.3 million ($1.52 EPS) on revenues of $8.6 million, driven by higher charter rates and the addition of a third vessel. The average time charter equivalent rate jumped 69.6% year-over-year to $28,039 per day. The company declared its sixth consecutive $0.14 dividend, yielding about 6.5% annually. The acquisition of the M/T Hellas Fighter tanker, originally expected mid-August, is now delayed to September due to discharging issues, but financing is secured with a $10 million loan. This follows the May announcement of the vessel purchase and shows continued fleet expansion and strong cash generation.
At the time of this announcement, EHLD was trading at $8.50 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $23.8M. The 52-week trading range was $6.11 to $12.34. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.