Shares of Costamare Inc. (NYSE:CMRE) surged 6.38% in pre-market trading on Thursday, following the company's impressive first-quarter earnings report and the announcement of its bulker business spin-off.
Costamare reported quarterly earnings of $0.61 per share, surpassing the analyst consensus estimate of $0.52 by 17.31%. While this represents a slight decrease from $0.63 per share in the same period last year, it demonstrates the company's resilience in a challenging market. The company's quarterly sales of $440.54 million also beat analyst expectations of $412.67 million by 6.75%, despite a 6.30% year-over-year decrease.
Adding to the positive sentiment, Costamare announced the successful debut of Costamare Bulkers (CMDB) Holdings as an independent, publicly traded company. This strategic move, completing the separation from Costamare, is expected to allow both entities to focus on their core businesses and potentially unlock shareholder value. The market's strong reaction suggests investors are optimistic about the prospects of both the container shipping and dry bulk segments under separate management.
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