Costamare (CMRE) Tops Q4 EPS by 2c, Revenues Beat

Costamare (NYSE: CMRE) reported Q4 EPS of $0.12, $0.02 better than the analyst estimate of $0.10. Revenue for the quarter came in at $103.92 million versus the consensus estimate of $100.49 million.

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

“During the fourth quarter and the year the Company delivered profitable results.

The year 2018 closed on a mixed note; while charter rates rallied in the first half of the year, average rates fell in the second half finishing the year slightly below their starting point, except for the larger ships. During the last weeks however, we have witnessed a tighter market with regards to large modern vessels, where supply has been limited driving up charter rates.

We have been active during the year, entering into new transactions with a total value of close to $ 900 million. These include both new buildings and second hand ships with an average time charter duration of 8 years.

Finally, on the financing side, we financed with a leading financial institution the two recently acquired 1996-built, 8,000 TEU sister containerships, as well as a $ 25 million balloon due in December of last year secured by older vessels. We have no meaningful balloon repayments over the next 12 months.”

For earnings history and earnings-related data on Costamare (CMRE) click here.

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