Costamare Inc. (NYSE:CMRE) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Costamare Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 29.27% to $0.29 in the quarter versus EPS of $0.41 in the year-earlier quarter.
Revenue: Decreased 5.23% to $94.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Costamare Inc. reported adjusted EPS income of $0.29 per share. By that measure, the company beat the mean analyst estimate of $0.26. It beat the average revenue estimate of $94.21 million.
Quoting Management: Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: “During the first quarter of the year, the Company delivered positive results. In accordance with our new-building program, we took delivery of the first two 9,000 TEU newbuild containership vessels. Both vessels commenced their 10-year charters with MSC. This addition, along with the remaining eight vessels currently on order and scheduled for delivery within the next 10 months, will contribute in excess of $1.3 billion of contracted revenues throughout the duration of their charters.”
Key Stats (on next page)…
Revenue decreased 0.41% from $95.19 million in the previous quarter. EPS decreased 9.38% from $0.32 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.31 to a profit $0.34. For the current year, the average estimate has moved up from a profit of $1.42 to a profit of $1.46 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)