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Costamare (CMRE) to Report Q2 Earnings: What's in Store?

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Zacks Equity Research
·3 min read
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Costamare CMRE is scheduled to report second-quarter 2020 results on Jul 27, after market close.

The Zacks Consensus Estimate for second-quarter earnings has been revised 20% upward to 24 cents per share over the past 90 days. Moreover, the company has an impressive earnings history. Its bottom line outperformed estimates in each of the preceding four quarters, the average being 33%.

Costamare Inc. Price and EPS Surprise

Costamare Inc. Price and EPS Surprise
Costamare Inc. Price and EPS Surprise

Costamare Inc. price-eps-surprise | Costamare Inc. Quote

Against this backdrop, let’s take a look at the factors that are likely to have influenced Costamare’s June-quarter performance.

Given the prevalence of coronavirus, multiple sailings were already canceled in the quarter. Moreover, vessels were rapidly idled. Consequently, voyage revenues are likely to have decreased in the to-be-reported quarter.

Apart from lower ship utilization, a fall in the charter rates is likely to have dented the second-quarter performance. The decline in container shipping fleet during the April-June period is also expected to have been a drag on the quarterly performance.

However, low fuel costs might have aided bottom-line growth. The company’s strong cash flow generation is an added positive and further might have driven the stock performance in the to-be-reported quarter.

Earnings Whispers

Our proven model does not predict an earnings beat for Costamare this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of a positive surprise. However, that is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.

Earnings ESP: Costamare has an Earnings ESP of 0.00% as the Most Accurate Estimate is in line with the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Costamare carries a Zacks Rank #2, currently.

Highlights of Q1 Earnings

Costamare’s first-quarter earnings (excluding 6 cents from non-recurring items) of 27 cents per share surpassed the Zacks Consensus Estimate by a penny. However, total revenues of $121.4 million declined 3.9% year over year and also lagged the Zacks Consensus Estimate of $126.3 million.

Stocks to Consider

Investors interested in the broader Transportation sector may also check out other stocks worth considering like Allegiant Travel Company ALGT , JetBlue Airways JBLU and Air Lease Corporation AL as these also possess the perfect combination to beat on estimates.

Allegiant Travel has an Earnings ESP of +9.35% and a Zacks Rank #3. This company is set to release second-quarter financial numbers on Jul 29.

JetBlue presently has an Earnings ESP of +19.18% and is a Zacks #3 Ranked player. The company will release second-quarter 2020 results on Jul 28.

Air Lease has an Earnings ESP of +23.32% and is Zacks #3 Ranked at present. The company will release second-quarter 2020 results on Aug 6.

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Costamare Inc. (CMRE) : Free Stock Analysis Report
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