Costamarewatched its bottom line slide in the second quarter but the Greek liner groupstill managed to top Wall Street forecasts.
The New York-listed containership operatorreported net income of $21.1m, versus a profit of $26.2m this time last year.
The adjusted gain amounted to $0.32 inearnings per share, two cents higher than analysts’ consensus estimate, whileEbitda fell to $61m from $65.8m year-on-year.
Finance chief Gregory Zikos applauded whathe described as “positive results” and a quarterly dividend of $0.27 per share,which he considers “sustainable” given Costamare’s contracted cash flows,quality charters and “prudent” debt strategy.
“We believe that going forward thecompany is well positioned to pursue new business opportunities in a volatile marketenvironment,” he added in a note to investors Tuesday.
In the three months to 30 June,Costamare reported contracted cash flows of $48.6m, nearly $5m higher than thefigure reported a year prior, and cash liquidity of approximately $296m while outstandingcommitments connected to newbuildings stood at $734.2m.
Zikos also praised the acquisition of the 1,078-teu Stadt Luebeck(built 2001) at a cost of $11.3m from a fund linked to Lloyds Fonds ina transaction approved by a German insolvency administrator just last week.
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