Costamare Rallies After Earnings Beat The Street

(RTTNews) - Shares of containerships and dry bulk vessels provider Costamare Inc. (CMRE) are rising more than 17% Friday morning after reporting second-quarter results, above analysts' view.

Net income was $63.25 million or $0.52 per share compared with $114.13 million or $0.92 per share in the previous year.

Excluding special items, earnings were $68.56 million or $0.56 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.51 per share.

Voyage revenue in the quarter increased to $365.94 million from $290.93 million last year. The consensus estimate was for $256.52 million.

CMRE is at $11.18 currently. It has traded in the range of $7.71 - $12.20 in the last 1 year.