Costamare Misses on Revenues but Beats on EPS

Costamare (NYSE: CMRE  ) reported earnings on July 24. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended June 30 (Q2), Costamare missed estimates on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue grew. Non-GAAP earnings per share increased significantly. GAAP earnings per share expanded significantly.

Margins grew across the board.

Revenue details
Costamare reported revenue of $100.0 million. The five analysts polled by S&P Capital IQ looked for net sales of $102.2 million on the same basis. GAAP reported sales were the same as the prior-year quarter's.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.37. The seven earnings estimates compiled by S&P Capital IQ predicted $0.31 per share. Non-GAAP EPS of $0.37 for Q2 were 16% higher than the prior-year quarter's $0.32 per share. GAAP EPS of $0.41 for Q2 were 32% higher than the prior-year quarter's $0.31 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 67.6%, 190 basis points better than the prior-year quarter. Operating margin was 40.6%, 80 basis points better than the prior-year quarter. Net margin was 30.5%, 850 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $112.7 million. On the bottom line, the average EPS estimate is $0.39.

Next year's average estimate for revenue is $433.5 million. The average EPS estimate is $1.46.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 13 members out of 15 rating the stock outperform, and two members rating it underperform. Among five CAPS All-Star picks (recommendations by the highest-ranked CAPS members), four give Costamare a green thumbs-up, and one give it a red thumbs-down.

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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