EuroDry Ltd. (NASDAQ:EDRY) Q3 2024 Earnings Conference Call November 19, 2024 10:00 AM ET

Company Participants

Aristides Pittas - Chairman and CEO
Tasos Aslidis - CFO

Conference Call Participants

Mark Reichman - Noble Capital Markets.
Tate Sullivan - Maxim Group
Poe Fratt - AGP

Operator

Thank you for standing by ladies and gentlemen, and welcome to the EuroDry Ltd, conference Call on the Third Quarter 2024 Financial Results. We have with us today Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company.

At this time all participants are In a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions]

I must advise you that this conference is being recorded today. Please be reminded that the company announced its results with a press release that has been publicly distributed.

Before passing the floor to Mr. Pittas, I would like to remind everyone that in today's presentation and conference call, EuroDry will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements, which are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. I kindly draw your attention to Slide #2 of the webcast presentation, which has the full forward-looking statement, and the same statement was also included in the press release. Please take a moment to go through the whole statement and read it.

And now I would like to pass the floor to Mr. Pittas.

Please go ahead, sir.

Aristides Pittas

Good morning, ladies and gentlemen, and thank you all for joining us today for our scheduled conference call. Together with me is Mr. Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the three months and nine months period ended September 30, 2024.

Please turn to Slide 3 of the presentation. Our financial highlights are shown here. For the third quarter of 2024, we reported total net revenues of $14.7 million and the net loss attributable to controlling shareholders of $4.2 million or $1.53 loss per basic and diluted share. This significant loss is a consequence of the poor market we have lately been witnessing. But more importantly, on the fact that we chose to bring forward two dry dockings, which coupled with the two scheduled dry dockings we had during this quarter cost about [$4.5 million] (ph) resulted to significant off-higher days.