Published on 28 Feb 2024 on GuruFocus.com via Yahoo Finance
Eagle Bulk Shipping Inc. (EGLE) Navigates Market Headwinds with Positive Annual Earnings
Net Income: Reported $6.7 million for Q4 and $22.7 million for the full year of 2023.Revenue: Generated $104.6 million in Q4 and $393.8 million annually, reflecting market volatility.Dividend: Declared a quarterly dividend of $0.60 per share for Q4 2023.Merger Update: Announced a definitive agreement to merge with Star Bulk, with significant shareholder value expected.Strategic Sales: Agreements to sell two Supramax bulk carriers for a combined $29.1 million.Debt Conversion: Converted $34.75 million of Convertible Bond Debt into 1.1 million shares of Common Stock.
Warning! GuruFocus has detected 8 Warning Sign with EGLE.
Eagle Bulk Shipping Inc (NYSE:EGLE) released its 8-K filing on March 1, 2024, detailing its financial results for the fourth quarter and full year ended December 31, 2023. As a fully integrated shipowner-operator within the midsize drybulk vessel segment, EGLE focuses on transporting drybulk cargoes worldwide, boasting a fleet of Supramax and Ultramax carriers.