Costamare Inc Earnings: Here’s Why Investors Don’t Like These Results
Costamare Inc (NYSE:CMRE) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.52%.
Costamare Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 15.63% to $0.37 in the quarter versus EPS of $0.32 in the year-earlier quarter.
Revenue: Rose 4.11% to $100 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Costamare Inc. Common Stock $0. reported adjusted EPS income of $0.37 per share. By that measure, the company beat the mean analyst estimate of $0.32. It missed the average revenue estimate of $103.34 million.
Quoting Management: Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented: “During the second quarter of the year, the Company delivered positive results. In accordance with our newbuilding program, we accepted delivery of the third and fourth 9,000 TEU newbuild containership vessels out of a series of ten. Both vessels commenced their charters with Evergreen. This addition to the fleet, together with the new buildings already delivered and the remaining six vessels currently on order and subject to charters, will contribute in excess of $1.3 billion of contracted revenues throughout the duration of their charters.”
Key Stats (on next page)…
Revenue increased 9.24% from $91.54 million in the previous quarter. EPS increased 27.59% from $0.29 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.4 and has not changed. For the current year, the average estimate has moved up from a profit of $1.41 to a profit of $1.45 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)