Costamare Reports $31.9 Million in Fourth-Quarter Earnings
MONACO, Feb. 8, 2023 (GLOBE NEWSWIRE) -- Costamare Inc. (NYSE: CMRE) today announced its fourth-quarter financial results, reporting earnings of $31.9 million, or 25 cents per share. Excluding non-recurring expenses, earnings were 69 cents per share.
The shipping company generated revenue of $548.4 million in the quarter, representing a significant increase compared to the same period last year. For the full year, Costamare reported net income of $319.9 million, translating to $2.44 per share, with revenue reaching $2.08 billion.
"Our strong fourth-quarter performance reflects the continued recovery in the global shipping industry," said Costamare's CEO. "We are well-positioned to capitalize on the increasing demand for shipping services, and we remain committed to delivering exceptional value to our shareholders."
Costamare's stock has gained over 2% in pre-market trading following the earnings announcement. Analysts believe the company is well-positioned to benefit from the ongoing growth in global trade.