The 10-second takeaway
For the quarter ended June 30 (Q2), Costamare met expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew slightly and GAAP earnings per share contracted significantly.
Gross margins increased, operating margins improved, net margins shrank.
Costamare logged revenue of $96.0 million. The three analysts polled by S&P Capital IQ hoped for a top line of $95.8 million on the same basis. GAAP reported sales were 1.8% higher than the prior-year quarter's $94.3 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.32. The five earnings estimates compiled by S&P Capital IQ predicted $0.28 per share. GAAP EPS of $0.31 for Q2 were 28% lower than the prior-year quarter's $0.43 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 65.7%, 20 basis points better than the prior-year quarter. Operating margin was 39.8%, 60 basis points better than the prior-year quarter. Net margin was 22.0%, 570 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $98.2 million. On the bottom line, the average EPS estimate is $0.29.
Next year's average estimate for revenue is $396.0 million. The average EPS estimate is $1.33.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Costamare is outperform, with an average price target of $18.75.
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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.