Costamare CMRE is scheduled to release second-quarter 2024 results on Jul 31, before market open.

The Zacks Consensus Estimate for the to-be-reported quarter’s earnings and revenues is pegged at 72 cents per share and $380.41 million, respectively.

The earnings estimate for the to-be-reported quarter has declined 6.5% over the past 60 days. The bottom-line projection indicates year-over-year growth of 28.6%. The Zacks Consensus Estimate for quarterly revenues suggests a year-over-year increase of 3.5%.

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CMRE has an impressive earnings surprise history, as reflected in the chart below.

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Earnings Whispers for Q2

Our proven model does not conclusively predict an earnings beat for Costamare this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

CMRE has an Earnings ESP of 0.00% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Likely to Shape CMRE’s Q2 Results

We expect CMRE’s second-quarter bottom-line performance to have been affected by higher vessel operating expenses, mainly due to the increased average number of vessels in its fleet. High fuel costs are likely to have shot up total expenses.

With the normalization of economic activities, world trade has gathered pace, which is a positive for shipping stocks like Costamare. This is because the shipping industry is responsible for transporting a high proportion of goods involved in world trade.

Bullishness surrounding the containership market is a tailwind for Costamare. A ramp-up of manufacturing activities in Asia aids the containership market besides other factors. Favorable market conditions in the dry bulk sector are also likely to have aided CMRE’s performance in the to-be-reported quarter. Factors like a build-up of iron ore inventories in China have resulted in higher capesize freight rates.

Price Performance & Valuation

Costamare, one of the leading owners and providers of containerships and dry bulk vessels for charter across the globe, has gained in excess of 35% on a year-to-date basis, outperforming not only its industry but also other shipping companies like Danaos Corporation DAC and Frontline plc FRO.

YTD Price Comparison

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From a valuation perspective, Costamare is trading at a discount compared to the industry going by its price/sales ratio. The reading is also below its median over the last five years. The company has a Value Score of A.