H - Why Costamare Stock Roared 23% Higher Today
2023-07-28 13:00:09 ET
Container shipping companies may not be the sexiest businesses on Wall Street. (Not unless you've read the Bill Gates-recommended history of the shipping container, The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger , that is). But one shipping company is doing its best to reignite excitement in the sector Friday: Costamare (NYSE: CMRE) surged to a 23.1% gain as of 12:34 p.m. ET.
Curiously, the ocean-going shipping company's results weren't unambiguously positive. Heading into the report, analysts had forecast Costamare would earn $0.59 per share (adjusted for one-time items) on sales of $256.5 million.
As it turned out, Costamare missed that adjusted earnings target, earning only $0.56 per share. What's more, its profit when calculated according to generally accepted accounting principles ( GAAP ) was only $0.52 per share. Sales, however, rebounded quite strongly -- and that's what investors seem to be reacting to Friday.
For further details see:
Why Costamare Stock Roared 23% Higher Today