Industrials Archives - Page 39 of 65

Release – CVG Announces Election of William C. Johnson to Board of Directors

Posted on December 14, 2023December 14, 2023 by aweinsoff@channelchek.com

December 14, 2023

NEW ALBANY, Ohio, Dec. 14, 2023 (GLOBE NEWSWIRE) — Commercial Vehicle Group (the “Company” or “CVG”) (NASDAQ: CVGI), a global leader in the design and manufacturing of electrical systems, vehicle components and accessories, plastic products and robotic assemblies, today announced that its Board of Directors (the “Board”) has elected William C. Johnson as an independent director to the Board, effective December 8, 2023. Mr. Johnson will serve on the Compensation Committee and the Nominating, Governance and Sustainability Committee of the Board. He will stand for re-election at the Company’s 2024 Annual Meeting of Stockholders.

Mr. Johnson, 60, brings tremendous leadership experience to the CVG Board. Since October 2022, Mr. Johnson has served as CEO and a member of the Board of Directors of Avail Infrastructure Solutions. From October 2018 to July 2022, Mr. Johnson served as the President and CEO of Welbilt, Inc. (WBT), and from July 2016 to June 2018, he served President and CEO and COO of Chart Industries, Inc. Prior to that he held multiple roles of increasing responsibility at Dover Refrigeration and Food Equipment, Hillphoenix, ABB and ESAB. Mr. Johnson holds a Bachelor of Science degree in Ceramic engineering from Alfred University and a Master of Business Administration from Rollins College. He started his professional career as a Nuclear engineer in the US Navy aboard the submarine USS Stonewall Jackson.

“We welcome Bill to the CVG Board as the company executes its strategy to grow shareholder value,” said Robert Griffin, Chairman of the Board. “CVG will greatly benefit from his proven leadership experience. His record of success across various executive roles speaks to his exceptional capabilities that will serve us well in the Board room.”

“Being elected to the CVG Board of Directors is a tremendous honor,” said Mr. Johnson. “I am excited to work alongside the Board’s distinguished leaders to help guide the Company’s strategy into 2024 and beyond.”

About CVG

At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Investor Relations Contact:
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

Media Contact:
Patrick Woolford
Patrick.woolford@cvgrp.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c9bf1e4-0a2f-4433-b4ae-9098329898f8

William C. Johnson

Independent Director to the Board

Source: Commercial Vehicle Group, Inc.

V2X (VVX) – NobleCon19 Presentation Notes

Posted on December 14, 2023December 14, 2023 by cpereira@noblefcm.com

Thursday, December 14, 2023

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

NobleCon19. V2X CEO Chuck Prow presented at NobleCon19. Highlights included are its backlog, organic growth strategy through its segments in Aerospace Solutions, Advanced Technology, and Global Mission Training & Sustainment, and reducing debt. A rebroadcast is available at https://www.channelchek.com/videos/v2x-noblecon19-replay.

Backlog. The Company’s total backlog is about $13.3 billion, a record for V2X, and translates to approximately three years of revenue, based on the Company’s revenue guidance mid-point. The backlog also does not have any single contract re-compete risk of more than 2% of revenue for the next 24 months.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

The GEO Group (GEO) – NobleCon19 Presentation Notes

Posted on December 14, 2023December 14, 2023 by cpereira@noblefcm.com

Thursday, December 14, 2023

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

NobleCon19. The GEO Group CFO Brian Evans presented at NobleCon19. Highlights included the ongoing rise in detainee populations, the continuing challenges of aging facilities and staffing for state correctional agencies, and GEO’s debt reduction efforts. A rebroadcast is available at https://www.channelchek.com/videos/the-geo-group-noblecon19-replay.

Populations. ICE populations move upward and, with recent requests for additional beds, GEO should see incremental benefit, in our view. Border crossings are not slowing to any significant degree, suggesting the the need for additional private sector beds could have a longer tail than expected.

Get the Full Report

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Orion Group Holdings (ORN) – NobleCon19 Presentation Notes

Posted on December 13, 2023December 13, 2023 by cpereira@noblefcm.com

Wednesday, December 13, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

NobleCon19. Orion Group Holdings CEO Travis Boone and CFO Scott Thanisch presented at NobleCon19. Management highlighted recent improvements at the Marine and Concrete segments and the strategy for growth. A rebroadcast is available at https://www.channelchek.com/videos/orion-group-holdings-noblecon19-replay.

Marine Segment. Orion’s Marine segment is being provided with some tailwinds for growth, including U.S. Navy expansion in the Pacific with Orion’s contract award earlier in the year, and port expansion and maintenance, among other events. The segment also carries a diversified revenue base, with 46% being in private customers and the remaining 54% being the government (34% state and local, 20% federal).

Get the Full Report

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Great Lakes Dredge & Dock (GLDD) – NobleCon19 Presentation Notes

Posted on December 13, 2023December 13, 2023 by cpereira@noblefcm.com

Wednesday, December 13, 2023

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

NobleCon19. Great Lakes CEO Lasse Petterson and CFO Scott Kornblau presented at NobleCon19. Highlights included record backlog, the improving quality of the Company’s backlog, and the opportunity the wind market is providing for Great Lakes. A rebroadcast is available at https://www.channelchek.com/videos/great-lakes-dredge-dock-noblecon19-replay.

Size of Backlog. Great Lakes’ backlog is at a record $1.03 billion and consists of roughly 71% in capital projects. The bid market has continued to remain strong, as year-to-date, the market has totaled $1.8 billion compared to $1.3 billion for all of last year and a $1.4 billion five year average. The Company expects the market to grow to $2 billion by the end of the year.

Get the Full Report

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Orion Group Holdings, Inc. to Present at Noble Capital Markets’ 19th Annual Emerging Growth Equity Conference on December 4

Posted on December 1, 2023December 1, 2023 by aweinsoff@channelchek.com

Research News and Market Data on ORN

Nov 30, 2023

HOUSTON, Nov. 30, 2023 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, announced today that CEO Travis Boone and CFO Scott Thanisch will be participating in NobleCon 19 Emerging Growth Equity Conference being held at Florida Atlantic University in Boca Raton. Orion Management will be presenting on December 4, 2023, at 2:30 p.m. Eastern Time. Following the presentation there will be a breakout session with investors as well as scheduled one-on-one meetings.

A high-definition video webcast of the presentation will be available the following day on the Company’s website at https://www.oriongroupholdingsinc.com. The presentation will also be available on Noble Capital Markets’ Conference website www.nobleconference.com and on Channelchek www.channelchek.com, Noble Capital’s investor portal. The webcast will be archived for 90 days following the event.

About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. https://www.oriongroupholdingsinc.com.

About Noble Capital Markets, Inc.
Noble Capital Markets (“Noble”) is a research-driven investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade. Noble launched www.channelchek.com in 2018 – an investor community dedicated exclusively to public small and micro-cap companies and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 public emerging growth companies are listed on the site, with growing content including research, webcasts, podcasts, and balanced news.

Contacts:

Financial Profiles, Inc.
Margaret Boyce 310-622-8247
mboyce@finprofiles.com

The GEO Group (GEO) – Senior Leadership Shuffle

Posted on December 1, 2023December 1, 2023 by cpereira@noblefcm.com

Friday, December 01, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New CEO. Yesterday, GEO announced Brian Evans, who has been with the Company for 23 years and has served as the Company’s Chief Financial Officer for 14 years, has been appointed Chief Executive Officer, effective January 1, 2024. Current CEO Jose Gordo is transitioning to an advisor role, by mutual agreement. Given Mr. Evans’ familiarity with GEO and his strong performance as CFO, we believe this is a strong choice for the Company.

Zoley Term. Company founder and Executive Chairman George Zoley will step down as Executive Chairman as of June 30, 2026, the end of his current employment term. Mr. Zoley then will transition into the role as an advisor to the Company, while continuing to serve as the Company’s non-Executive Chairman of the Board of Directors.

Get the Full Report

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – AZZ Inc. to Present and Host Meetings at the 19th Annual Noble Capital Markets Conference on December 4, 2023

Posted on November 29, 2023November 29, 2023 by aweinsoff@channelchek.com

Research News and Market Data on AZZ

28 Nov, 2023, 16:30 ET

Investor Presentation to be held at 1:00 p.m. Eastern Time

FORT WORTH, Texas, Nov. 28, 2023 /PRNewswire/ — AZZ Inc. (NYSE: AZZ) the leading independent provider of hot-dip galvanizing and coil coating solutions in North America, today announced that David Nark, Senior Vice President, Marketing, Communications, and Investor Relations, will present at the 19^th Annual Noble Capital Markets Emerging Growth Equity Conference at the campus of Florida Atlantic University on Monday, December 4, 2023 at 1:00 p.m. ET. Investors interested in meeting with management may attend a breakout session scheduled immediately following the presentation or schedule a one-on-one meeting during the conference on December 4^th or December 5^th.

A high-definition video webcast of the presentation will be available the day following the event on the Company’s website at www.azz.com/investor-relations, on Noble Capital Markets’ Conference website at www.nobleconference.com and at www.channelchek.com the investor portal created by Noble. The webcast will be archived on each website for 90 days following the event.

AZZ’s management will host one-on-one investor meetings during the event. Investors interested in arranging one-on-one meetings should contact Amanda Weinsoff at aweinsoff@channelchek.com.

About AZZ Inc.

AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life. For more information on AZZ Inc. please visit https://www.azz.com/about-us/.

Safe Harbor Statement

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “could,” “should,” “expects,” “plans,” “will,” “might,” “would,” “projects,” “currently,” “intends,” “outlook,” “forecasts,” “targets,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our products and services, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process; supply-chain vendor delays; customer requested delays of our products or services; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the products we inventory or sell or the services that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States and other foreign markets in which we operate; acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2023, and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov. You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Relations and Company Contact:
David Nark, Senior Vice President of Marketing, Communications, and Investor Relations
AZZ Inc.
(817) 810-0095
www.azz.com

Investor Contact:
Sandy Martin / Phillip Kupper
Three Part Advisors
(214) 616-2207
www.threepa.com

SOURCE AZZ Inc.

Release – CVG Announces Participation in the NobleCon19 Investor Conference

Posted on November 29, 2023November 29, 2023 by aweinsoff@channelchek.com

Research News and Market Data on CVGI

November 28, 2023

NEW ALBANY, Ohio, Nov. 28, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI) announced today that Andy Cheung, Executive Vice President and Chief Financial Officer, will present at NobleCon19 – Noble Capital Markets’ Nineteenth Annual Emerging Growth Equity Conference at Florida Atlantic University, Executive Education Complex on Monday, December 4 at 12:00 p.m. ET. There is also the opportunity to meet management at our breakout session scheduled immediately following our presentation. A link to the webcast and associated presentation materials can be accessed through the investor section of the Company’s website at cvgrp.com the following day.

For further information, please contact CVGI@alpha-ir.com

About CVG

Investor Relations Contact:
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

Source: Commercial Vehicle Group, Inc.

Kratos Defense & Security (KTOS) – New Awards; Raising PT to $22

Posted on November 27, 2023November 27, 2023 by cpereira@noblefcm.com

Monday, November 27, 2023

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Contracts. Kratos has been awarded some additional significant contracts over the past two weeks, maintaining the momentum of award receipt over the past couple of quarters. We believe the new awards demonstrate the Company’s multi-sector capabilities.

Award 1. Kratos received a single-award, indefinite-delivery/indefinite-quantity contract with a ceiling value of $579 million for the Command-and-Control System Consolidated (CCS-C) Sustainment and Resiliency. Space Systems Command (SSC) is the contracting activity for the award. Kratos will sustain and provide post-production development for the current CCS-C system for telemetry, tracking and commanding of current and future military communication satellites.

Get the Full Report

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

CoreCivic, Inc. (CXW) – Some More New Contracts

Posted on November 20, 2023November 20, 2023 by cpereira@noblefcm.com

Monday, November 20, 2023

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Business. Last week, CoreCivic announced two additional management contracts, continuing the momentum exhibited since September. Significantly, the new business is with states and counties, two areas of focus for CoreCivic for growth. We believe the recent contract wins demonstrate both strong contracting progress and the high levels of interest in the Company’s services from governmental partners. Notably, utilizing existing bed inventory will help drive margin improvement at CoreCivic.

Wyoming. CoreCivic entered into a new management contract with the state of Wyoming for the housing of up to 240 male inmates at the Company’s 2,672-bed Tallahatchie County Correctional Facility in Tutwiler, Mississippi. The Company previously housed inmates for Wyoming under a management contract that had not been utilized since 2019. The term of the new contract runs through June 30, 2026.

Get the Full Report

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Kelly Services (KELYA) – Moving Forward with Transformation in Challenging Environment

Posted on November 13, 2023November 13, 2023 by cpereira@noblefcm.com

Monday, November 13, 2023

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q23 Results. Revenue of $1,118 million was down 4.3% y-o-y and down 5.8% on a constant currency basis. We had estimated $1,180 million. The Company incurred $15.4 million of transformation expenses in the quarter. Adjusted net income was $18.1 million or EPS of $0.50. We had estimated EPS of $0.28. Adjusted EBITDA was $25.5 million, or a 2.3% margin.

Transformation. Kelly continues to move ahead with the transformation plan, already eliminating a significant amount of expenses. We expect the transformation to position Kelly to accelerate profitable growth over the long-term with improved adjusted EBITDA margins.

Get the Full Report

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Euroseas (ESEA) – Euroseas reports strong earnings bucking a trend in the shipping industry

Posted on November 10, 2023November 10, 2023 by cpereira@noblefcm.com

Friday, November 10, 2023

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Euroseas reported strong 2023-3Q results due to fleet expansion and better-than-expected shipping rates. Euroseas’ average TCE rate of $30,074 was similar to last year and last quarter. Euroseas’ strategy of locking in rates for the next 12-24 months has allowed it to escape the decline in shipping rates that is hurting other shipping companies. Euroseas continues to command a premium shipping rate due to the modernization of its fleet and size of ships.

Costs inched higher due to fleet expansion. One exception is drydocking expense, which decreased with no ships in drydock during the quarter as compared to two ships in drydock at this time last year. Note that this quarter includes a $14 million impairment charge and a $16 million gain on the termination of a charter. Absent these two non-recurring items, operating costs would have been near expectations.

Get the Full Report

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).