Costamare Q1: Bottomline Miss, 7% Revenue Decline & More - Costamare (NYSE:CMRE)

Costamare Inc CMRE reported a first-quarter FY23 Voyage revenue decline of 7.2% year-over-year to $248.77 million, beating the consensus of $229.12 million.
Adjusted EPS was $0.38, down from $0.84 in 1Q22, missing the consensus of $0.46.
Voyage operating expenses increased by 3% Y/Y to $67.7 million.
CMRE ended the quarter with a liquidity of $1.08 billion.
Costamare's cash from operating activities in the quarter decreased to $37.3 million from $154.3 million a year ago.
The company reported a net capital gain of $84.7 million in Q1 from the sale or agreement to sell certain vessels.
Gregory Zikos, Chief Financial Officer of Costamare Inc., commented, "In the containership market, charter rates are on a rising trend with high demand across the board, while fixture periods are increasing in duration. The orderbook, however, remains the principal threat to the market. We have covered nearly 100% of our containership open days for 2023 and we have proactively arranged long term employment on a forward basis for a number of containerships coming off charter between 2023 and 2025 having secured for our fleet contracted revenues of $3.1 billion with a TEU weighted duration of 4 years."
Price Action: CMRE shares are trading higher by 1.08% at $8.42 on the last check Monday.
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