Costamare Inc (CMRE) reported quarterly earnings results on Wednesday, Jul-27-2016. The company said it had a profit of $0.42 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.41. The company posted revenue of $117.90 million in the period, compared to analysts expectations of $116.29 million. The company’s revenue was down -4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS.
Many Wall Street Analysts have commented on Costamare Inc. Costamare Inc was Downgraded by Morgan Stanley to ” Equal-Weight” on Jun 30, 2016.
Costamare Inc opened for trading at $10 and hit $10.45 on the upside on Thursday, eventually ending the session at $10.45, with a gain of 5.77% or 0.57 points. The heightened volatility saw the trading volume jump to 6,80,364 shares. Company has a market cap of $788 M.
Costamare Inc. (Costamare) is an international owner of containerships. The Company provides worldwide marine transportation services by chartering its container vessels to the liner operators under long medium and short-term time charters. As of February 27 2015 the Company had a fleet of 68 containerships with a total capacity in excess of 447000 twenty foot equivalent unit (TEU) including nine new builds on order. The Company’s containerships operate primarily under long-term fixed-rate time charters. The Company’s fleet of vessels includes COSCO GUANGZHOU COSCO NINGBO COSCO YANTIAN VANTAGE MSC MANDRAKI and ZIM NEW YORK among others. As of February 27 2015 the average (weighted by TEU capacity) remaining time-charter duration for its fleet of 68 containerships was approximately 4.5 years based on the remaining fixed terms and assuming the exercise of any owner’s options and the non-exercise of any charterer’s options under its containerships’ charters.