Costamare (NYSE: CMRE) reported Q1 EPS of $0.27, in-line with the analyst estimate of $0.27. Revenue for the quarter came in at $111.17 million versus the consensus estimate of $130.64 million.

• Net Income of $32.8 million or $0.21 per share in Q1 2020.
• Adjusted Net Income available to common stockholders(1) of $32.6 million or $0.27 per share in Q1 2020.
• Voyage Revenues of $121.4 million.
• Liquidity of $268.4 million as of end Q1 2020 (including our share of cash amounting to $31.0 million held in subsidiaries co-owned with York Capital Management Global Advisors LLC and an affiliated fund (collectively, together with the funds it manages or advises, “York”)).
• No material balloon payments in 2020(2).
• Chartered in total 12 vessels over the quarter.
• Declared dividend of $0.10 per share on its common stock and dividends on all four classes of its preferred stock.
• Initiated a Preferred Shares buyback program for an amount of up to $15.0 million.
• Arranged financing agreements for an aggregate amount of $165.0 million

Mr. Gregory Zikos, Chief Financial Officer of Costamare Inc., commented:

“COVID-19 presents the largest shock in the global economy since the 2008-2009 crisis. The supply of containerized goods has experienced a rare episode of disruption and the industry must now contend with the consequences of reduced demand.

Determining the timing and shape of the recovery is a challenge, yet it is worth noting that the protective measures adopted across the world are intended to be temporary, and we believe that the restrictions enforced are also creating a deferred built-in demand.

In this environment the safety of our vessels’ crews as well as of our onshore employees remains our top priority. We have taken steps in order to protect our employees as well as to ensure uninterrupted service to our clients.

For the first quarter the Company delivered profitable results. We have contracted revenues of $2.1 billion, continued access to commercial bank debt, a smooth debt repayment schedule and minimal cap ex requirements.

During the quarter we chartered in total 12 ships, including three 11,000 TEU vessels, which were chartered for periods ranging from one to three years.

Finally, we recently declared our 38th dividend since going public.

As has always been the case, but especially during today’s unprecedented times, our top priority is to cover our downside; building upon that, we will continue to monitor the market and assess new initiatives in order to bolster our balance sheet and liquidity position, while at the same time evaluating new opportunities in a volatile market environment.”

COVID-19 Update

The outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international container shipping industry. The situation is rapidly evolving and, as such, it is difficult to predict the ultimate severity and long-term impact of the pandemic on the industry and Costamare at this time. For a detailed discussion of the impact of COVID-19 on our operations and financial performance, the Company response and an update of the relevant risk factor in the Company’s most recent Annual Report on Form 20-F (File No. 001-34934), please see below.

For earnings history and earnings-related data on Costamare (CMRE) click here.