ESEA - Euroseas stock gains on strong Q1 results reinstated dividend and new share buyback

Euroseas (NASDAQ:ESEA) stock on Tuesday added 8.7% to $30.33 in morning trade, after the containership company reported a big jump in Q1 2022 revenue, reinstated its quarterly dividend and approved a $20M share buyback. ESEA on Monday after hours reported Q1 non-GAAP EPS of $3.70 (vs. $0.45 last year) and revenue that more than tripled Y/Y to $45.37M. The company also reinstated its quarterly dividend of $0.50/share and approved a share repurchase program for up to $20M of common stock. ESEA's Q1 results were helped by a favorable macro environment for the containership industry. Geopolitical concerns and ongoing supply chain issues have put a premium on global shipping, with freight rates reaching or hovering near historic highs. "Despite their recent small correction, the containership feeder charter rates have remained at levels near historical highs resulting in increased profitability for Euroseas," said CEO Aristides Pittas in the earnings report. ESEA in its earnings presentation

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Euroseas stock gains on strong Q1 results, reinstated dividend and new share buyback