Euroseas Ltd. (NASDAQ:ESEA) Q3 2024 Earnings Conference Call November 21, 2024 8:30 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 - Alliance Global Partners
Climent Molins - Value Investor's Edge

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Euroseas Conference Call on the Third Quarter 2024 Financial Results. We have with us Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today. Please be reminded that the company announced their 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, Euroseas 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 Tasos Aslidis, our Chief Financial Officer. The purpose of today's call is to discuss our financial results for the quarter and nine months period that ended on September 30 2024.

Let us turn to Slide 3 of the presentation to go over our income statement highlights. For the third quarter of 2024, we reported total net revenues of $54.1 million and a net income of $27.6 million or $3.95 per diluted share.

Adjusted net income for the quarter was $27.4 million or $3.92 per diluted share. Adjusted EBITDA for the period was $36.1 million. A reconciliation of adjusted EBITDA to net income is presented in the press release that was released earlier today. Tasos Aslidis will go over our financial highlights in more detail later on in the presentation.