Shares of EuroDry Ltd. (EDRY) are surging more than 118 percent or $5.31 in Thursday's morning trade at $9.80 after the operator of drybulk vessels reported a turnaround to profit in the third quarter.
Wednesday, EuroDry said its third-quarter net income was $0.13 million or $0.06 per share, compared to net loss of $0.79 million or $0.35 per share in the prior-year quarter. Adjusted earnings were $0.05 per share, compared to adjusted loss of $0.26 per share last year. However, total net revenues declined 11.3 percent to $6.8 million from $7.7 million in the year-ago period.
The company declared a dividend of $0.4 million on its Series B preferred shares, which will be paid in-kind by issuing additional Series B preferred shares.
EuroDry has traded in a range of $2.98 to $13.20 in the past 52 weeks.
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