Costamare Gains After Q4 Results, Declares Special Dividend

Costamare Inc CMRE reported fourth-quarter Voyage revenue growth of 138.3% year-over-year to $283.92 million, beating the consensus of $261.78 million.
Adjusted EPS improved to $0.91 from $0.27 in 4Q20, missing a consensus of $0.96.
Voyage operating expenses increased by 89.4% Y/Y to $60.6 million.
CMRE ended the year with a liquidity of $552 million.
Costamare generated cash from operating activities in the quarter of $165.4 million, compared to $68.4 million a year ago.
Dividend: The company declared a special dividend of $0.50 per common share, an addition to the regular first quarter 2022 dividend, and will be paid at the same time as, and using the same record date as, the regular first quarter 2022 dividend.
CMRE chartered a total of 35 secondhand vessels during the year, which added incremental contracted revenues of $1.4 billion.
Total contracted revenues amount to $3.4 billion with a weighted average remaining time charter duration of about four years.
Price Action: CMRE shares are trading higher by 3.9% at $15.70 during the aftermarket session on Wednesday.

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