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Costamare Inc (NYSE:CMRE) reported a second-quarter FY23 Voyage revenue growth of 25.8% year-over-year to $365.94 million, beating the consensus of $256.52 million.
Adjusted EPS was $0.56, down from $0.95 in 2Q22, missing the consensus of $0.59.
The company repurchased 5.38 million common shares for $50 million during the quarter.
Voyage expenses increased to $69.4 million from $11.3 million in 2Q22.
CMRE ended the quarter with a liquidity of $1.06 billion.
The company had an average of 110.1 vessels in its owned fleet. During the quarter, CBI chartered an average of 42.5 third-party dry-bulk vessels.
Daily vessels' operating expenses were $6,281 for the quarter and $6,309 for 2Q22.
Costamare's cash from operating activities in the quarter decreased to $66.3 million from $161.1 million a year ago.
"In the containership sector, the charter market has been softening, although rates still remain at healthy levels. The orderbook, however, remains the principal threat to the market. On the dry bulk side, our owned dry bulk vessels continue to trade on a spot basis while the trading platform has grown to a fleet of 56 ships. Having invested $200 million in the dry bulk operating platform, we have a long term commitment to the sector whose fundamentals we view positively," commented Mr. Gregory Zikos, Chief Financial Officer
Price Action: CMRE shares are trading higher by 19% at $11.31 on the last check Friday.
Posted In: CMRE
