MONACO – Costamare Inc . (NYSE: NYSE:), a leading global provider of containerships for charter, today announced a robust financial performance for the first quarter ended March 31, 2024.
The company reported adjusted earnings per share (EPS) of $0.63, exceeding analyst expectations by $0.03. Revenue for the quarter was also impressive at $470.17 million, significantly surpassing the consensus estimate of $299.92 million.
The company’s financial results reflect a substantial improvement in both earnings and revenue. The reported revenue of $470.17 million for the first quarter represents an 89% increase compared to the same quarter last year, indicating a strong year-over-year (YoY) growth. This performance can be attributed to improved charter rates and strategic fleet employment, with Costamare securing 97% and 80% of its containership fleet for 2024 and 2025, respectively.
Costamare’s CFO, Mr. Gregory Zikos, commented on the quarter’s success, stating, “During the first quarter of the year, the Company generated Net Income of about $94 million. As of quarter end, liquidity was close to $1.1 billion. In the containership sector, charter rates have seen significant improvement from the end of last year.” He also noted the impact of the Red Sea disruption as a key factor for the improved charter market.
The company’s strategic moves in the dry bulk sector, including the acquisition of capesize vessels and the disposal of smaller, older ships, have been part of its long-term commitment to renewing the fleet and increasing its average size. Furthermore, Costamare’s leasing platform, Neptune Maritime Leasing, has been growing steadily, having concluded leasing transactions for 24 ships in total.
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