Euroseas (NASDAQ:ESEA) reports 1Q17 Loss; Topline up 27%; Misses Estimate

Euroseas (NASDAQ:ESEA) reports 1Q17 Loss; Topline up 27%; Misses Estimate

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Euroseas (NASDAQ:ESEA) reported net loss for the first quarter of $ 2.63 million or  $ 0.24 per share, compared to loss  $ 3.26 million or $ 0.4 per share for the year-ago quarter.

The Maroussi, Greece based company recorded first quarter adjusted loss of $ 3.15 million or $ 0.29 per share.

The Revenue for first quarter rose 27% to $ 8.29 million from $ 6.55 million in the same quarter last year.

Analysts polled by Thomson Reuters expected ESEA to report loss of $ 0.15 per share on revenue of $ 8.30 million  for the first quarter. Analysts estimates generally exclude one time charges / gains.

Aristides Pittas, Chairman and CEO, said: The beginning of 2017 found both the drybulk and containership markets recovering from the historical low levels observed during 2016. We continue looking for opportunities to expand our fleet with well-priced well-maintained vessels.