Why Costamare Shares Are Jumping Today
Portfolio Pulse from Akanksha Bakshi
Costamare Inc (NYSE:CMRE) reported a Q2 FY23 Voyage revenue growth of 25.8% YoY to $365.94 million, beating the consensus of $256.52 million. However, 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. Despite softening in the containership sector, the company's shares are trading higher by 19% at $11.31.
July 28, 2023 | 3:08 pm
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POSITIVE IMPACT
Costamare's Q2 FY23 Voyage revenue exceeded expectations, but EPS fell short. The company also repurchased shares, indicating confidence in its stock. Despite challenges in the containership sector, shares are up.
Costamare's higher than expected revenue and share repurchase program indicate a positive outlook, which likely contributed to the stock price increase. However, the lower EPS and softening containership sector could pose challenges.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100