Costamare Stock Falls After Missing Q3 Estimates

Costamare Inc CMRE reported third-quarter Voyage revenue growth of 100.4% year-over-year to $216.23 million, marginally missing the consensus of $216.94 million.
Adjusted EPS improved to $0.66 from $0.22 in 3Q20, missing a consensus of $0.69.
Voyage operating expenses increased by 64.6% Y/Y to $49.7 million.
The operating margin expanded by 2,244 bps to 56.9%.
Costamare generated cash from operating activities in the quarter of $125.9 million, compared to $66.7 million a year ago.
Containership Market Charter rates increased by more than 418% Y/Y, and Dry Bulk Market Charter rates have remained at healthy levels.
Contracted revenues for the containership fleet totaled ~$3.3 billion as of October 26, 2021.
As of September 30, 2021, the company had total cash liquidity of $298.4 million.
Price Action: CMRE shares are trading lower by 7.33% at $13.53 on the last check Wednesday.

Momentum20.84

Growth73.85

Quality59.03

Value97.96

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