Costamare Shares Slip Post Q3 Earnings Miss, Records 37% Revenue Growth
Costamare Inc (NYSE:CMRE) reported a third-quarter FY23 Voyage revenue growth of 37.2% year-over-year to $397.34 million, beating the consensus of $310.53 million.
Adjusted EPS was $0.46, missing the consensus of $0.66.
The company repurchased 882,316 common shares, for a total consideration of $10 million, during the quarter.
Voyage expenses expanded to $84.8 million from $14.2 million in the third quarter of 2022.
CMRE ended the quarter with a liquidity of $996.9 million.
The company had an average of 111.1 vessels in its owned fleet. During the quarter, CBI chartered an average of 55.0 third-party dry-bulk vessels.
Daily vessels' operating expenses were $6,212 for the quarter and $6,037 for the third quarter of 2022.
Costamare's net cash flows provided by operating activities for the quarter stood at $74.8 million, compared to $141.8 million a year ago.
CMRE's 100%, 87% and 73% of the containership fleet fixed for 2023, 2024 and 2025, respectively. Along with contracted revenues for the containership fleet of ~$2.7 billion with a TEU-weighted duration of 3.7 years.
"In the containership sector, larger ships continue to enjoy a tight market, while smaller vessels experience deteriorating conditions. Overall, the market outlook remains uncertain due to the large orderbook and insufficient vessel demolition," commented Gregory Zikos, chief financial officer of Costamare.
CMRE Price Action: Costamare shares are trading lower by 5.20% at $8.56 on the last check Wednesday.
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