Costamare (CMRE) Tops Q2 EPS by 5c

Costamare (NYSE: CMRE) reported Q2 EPS of $0.26, $0.05 better than the analyst estimate of $0.21. Revenue for the quarter came in at $118.94 million versus the consensus estimate of $120.41 million.

• Liquidity of $220.7 million as of end Q2 2020 (including our share of cash amounting to $19.6 million held in subsidiaries co-owned with York Capital Management Global Advisors LLC and an affiliated fund (collectively, together with the funds it manages or advises, “York”)).
• Voyage Revenues of $111.9 million in Q2 2020.
• Delivery on July 24, 2020 of the 12,690 TEU containership YM Triumph (ex Hull Nr YZJ2015-2057) the first of a series of five sister vessels ordered in May 2018. On July 25, 2020, the vessel commenced its ten-year charter with Yang Ming.
• Adjusted Net Income available to common stockholders(1) of $31.7 million or $0.26 per share in Q2 2020.
• Net Loss available to common stockholders of $83.9 million (mainly due to non-cash charges related to vessels held for sale and vessels’ impairment of $107.5 million) or $0.70 loss per share in Q2 2020.
• Adjusted Net Income available to common stockholders(1) of $64.3 million or $0.54 per share for the six-month period ended June 30, 2020.
• Net Loss available to common stockholders of $58.3 million (mainly due to non-cash charges related to vessels held for sale and vessels’ impairment of $110.8 million) or $0.49 loss per share for the six-month period ended June 30, 2020.
• Conclusion of refinancing program with no meaningful debt maturities until 2024.
• Arranged financing agreements for an aggregate amount of $140.0 million. More specifically:- Signed a loan facility agreement with a European financial institution for an amount of up to $70.0 million, secured by 12 vessels, in order to partially refinance an existing loan facility originally maturing in 2021.- Signed a loan facility agreement with a European financial institution for an amount of up to $70.0 million, secured by 6 vessels, in order to partially refinance an existing loan facility originally maturing in 2021.
• Chartered in total 24 vessels over the quarter.
• Sold the 1997-built, 7,403 TEU sister container vessels Kawasaki and Kokura.
• Declared dividend of $0.10 per share on its common stock and dividends on all four classes of its preferred stock.

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

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