Research Desk Line-up: Kirby Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 10, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Costamare Inc. (NYSE: CMRE), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CMRE, following the Company's reporting of its financial results on October 24, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Monaco-based Company adjusted EPS fell on year-over-year basis during the reported quarter, however, it outperformed market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Shipping industry. Pro-TD has currently selected Kirby Corporation (NYSE: KEX) for due-diligence and potential coverage as the Company announced on November 01, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Kirby when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CMRE; also brushing on KEX. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=CMRE

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Earnings Reviewed

For the three months ended on September 30, 2017, Costamare's vessel revenues were $101.27 million, which came in 14.4% lower than $118.26 million reported in the prior year's corresponding quarter. The decrease is mainly attributable to decrease in charter rates for certain of vessels and five vessels being sold for demolition. partially offset by revenue earned by three secondhand vessels acquired in Q2 FY17. Revenue numbers for the reported quarter also missed analysts' forecasts, who were expecting the Company to report revenues of $105.06 million. Furthermore, adjusted voyage revenue, decreased by 14.8% to $98.42 million during Q3 FY17 from $115.43 million in the last year's comparable quarter.

The shipping company posted net income available to common stockholders of $18.82 million, or $0.18 per diluted share, in Q3 FY17 compared to $15.35 million, or $0.20 per diluted share, in Q3 FY16. The Company posted adjusted net income of $17.18 million, or $0.16 per diluted share, in Q3 FY17 compared to $28.12 million, or $0.37 per diluted share, in the prior year's corresponding quarter. Meanwhile, Wall Street had expected the Company to report adjusted net income of $0.15 per diluted share.

Operational Metrics

In Q3 FY17, Costamare's voyage operating expenses increased to $26.03 million from $27.19 million in Q3 FY16. The Company spent $1.52 million on general and administrative (G&A) expenses expense during Q3 FY17 versus $1.44 million in Q3 FY16. Voyage expenses were $0.45 million for Q3 FY17 and $0.42 million in Q3 FY16. Management fees paid to managers were $4.97 million Q3 FY17 and $4.87 million during Q3 FY16. Non-cash G&A expenses amounted to $0.92 million in Q3 FY17 versus $1.37 million in the previous year's comparable quarter. Furthermore, the Company posted operating income of $40.05 million in Q3 FY17, which came in lower than $48.22 million in the prior year's same quarter.

Costamare had an average of 53.5 and 53.4 vessels during Q3 FY17 and Q3 FY16, respectively. Total fleet ownership days were 4,922 in Q3 FY17, up from 4,912 days in the last year's same quarter.

Cash Flow and Balance Sheet

Costamare's net cash provided by operating activities was $48.0 million in the quarter ended September 30, 2017, compared to $49.8 million in the year-ago comparable period. The Company reported a cash and cash equivalents balance of $192.47 million as on September 30, 2017, compared to $164.90 million as on December 31, 2016. Furthermore, the Company had long-term debt amounting to $718.37 million in its books of accounts as on September 30, 2017, compared to $856.33 million as on December 31, 2016.

Stock Performance

Costamare's share price finished yesterday's trading session at $6.04, slightly sliding 0.17%. A total volume of 702.51 thousand shares have exchanged hands, which was higher than the 3-month average volume of 661.04 thousand shares. The stock gained 7.86% since the start of the year. Shares of the Company have a PE ratio of 16.92 and have a dividend yield of 6.62%. The stock currently has a market cap of $633.66 million.

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SOURCE: Pro-Trader Daily