Euroseas Ltd. has released its financial results for the three months ended March 31, 2025, reporting a substantial increase in net income compared to the same period in the previous year. The company's net income rose to $36.9 million, up from $20.0 million in the first quarter of 2024. This increase is attributed to various factors including a gain on the sale of a vessel amounting to $10.2 million, which was not present in the previous year's results. The adjusted net income for the first quarter of 2025 stood at $26.2 million, compared to $18.5 million in the same period of 2024. The adjusted earnings per share also showed a significant improvement, with basic adjusted EPS increasing to $3.76 from $2.67 in the previous year, while the diluted adjusted EPS also grew to $3.76 from $2.66. Euroseas Ltd. attributes these improvements to the exclusion of certain items such as unrealized gains or losses on derivatives and amortization of below market time charters. The company emphasizes that these adjustments aid in providing a clearer view of its underlying performance by enhancing the comparability of results over different periods.
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