Costamare(US:CMRE)2025-11-04 12:15Revenue and Income - Voyage revenue decreased by 1.6%, or $3.6 million, to $215.9 million for the three-month period ended September 30, 2025, compared to $219.5 million for the same period in 2024[8] - Income from investments in leaseback vessels increased by 50.0%, from $6.2 million in 2024 to $9.3 million in 2025, due to increased operational volume[10] - Net income from continuing operations was $99.4 million for the three-month period ended September 30, 2025, down from $111.1 million in 2024[5] - Voyage revenue decreased by 0.4%, or $2.8 million, to $644.0 million for the nine-month period ended September 30, 2025, compared to $646.8 million for the same period in 2024[38] - Income from investments in leaseback vessels increased to $22.0 million for the nine-month period ended September 30, 2025, up from $17.7 million in 2024, due to increased operational volume[40] - Net Income from Continuing Operations for the nine-month period ended September 30, 2024, was $312,788,000, compared to $317,397,000 for the same period in 2025, reflecting a decrease of approximately 1.9%[92] Expenses - Voyage expenses rose significantly by 94.6%, from $7.4 million in 2024 to $14.4 million in 2025, primarily due to liabilities for EU Emissions Allowances and increased relevant expenses[11] - Voyage expenses increased to $37.8 million for the nine-month period ended September 30, 2025, from $19.6 million in 2024, primarily due to liabilities for EUAs and Fuel EU Maritime penalties[41] - Daily vessels' operating expenses increased from $6,369 in 2024 to $6,520 in 2025, reflecting higher operational costs[14] - General and administrative expenses decreased by 56.0%, from $5.0 million in 2024 to $2.2 million in 2025[15] - General and administrative expenses decreased to $9.4 million for the nine-month period ended September 30, 2025, from $12.0 million in 2024[45] Cash Flow - Net cash provided by operating activities decreased by $16.6 million to $135.6 million in the three-month period ended September 30, 2025, from $152.2 million in 2024[26] - Net cash provided by operating activities decreased by $22.7 million to $418.8 million for the nine-month period ended September 30, 2025, compared to $441.5 million for the same period in 2024[56] - Net cash used in investing activities was $44.5 million in the three-month period ended September 30, 2025, mainly for advance payments for newbuild container vessels and the acquisition of a secondhand vessel[27] - Net cash used in investing activities increased significantly to $152.3 million in the nine-month period ended September 30, 2025, from $25.8 million in the same period of 2024[57][58] - Net cash used in financing activities was $237.6 million for the three-month period ended September 30, 2024, including $104.4 million for debt financing and $116.0 million for the full redemption of Series E Preferred Stock[30] - Net cash used in financing activities was $416.9 million for the nine-month period ended September 30, 2025, compared to $344.5 million for the same period in 2024[59][60] Assets and Liabilities - As of September 30, 2025, the company had cash and cash equivalents of $569.6 million[62] - Total current assets increased to $1,040,216, up from $663,827, representing a growth of 56.7%[84] - Total assets rose to $5,148,687, up from $3,860,967, indicating an increase of 33.3%[85] - Total current liabilities rose to $745,560, up from $394,565, representing an increase of 88.9%[84] - Current portion of long-term debt increased to $287,360 from $272,074, an increase of 5.3%[84] Fleet and Operations - Average number of vessels in the fleet slightly increased from 68.0 in 2024 to 68.2 in 2025, indicating a stable fleet size[6] - The company has a fleet of 69 containerships with a total capacity of approximately 520,000 TEU and six newbuild containerships under construction with a total capacity of 18,600 TEU[68] - The company made advance payments for the construction of four newbuild container vessels as part of its investing activities[57] - The average remaining duration of charters for the fleet is weighted on a TEU basis, reflecting the company's strategic planning for fleet management[76] Financial Metrics - Interest income decreased by 55.4%, from $8.3 million in 2024 to $3.7 million in 2025, reflecting lower interest rates and reduced cash balances[20] - Interest income decreased to $15.5 million for the nine-month period ended September 30, 2025, down from $24.8 million in 2024[50] - Interest and finance costs decreased to $66.8 million for the nine-month period ended September 30, 2025, from $82.1 million in 2024, due to lower average loan balances and reduced SOFR rates[51] - The company reported a decrease in interest payments during the nine-month period ended September 30, 2025, compared to the same period in 2024[56] - The company believes that Adjusted Net Income and Adjusted Earnings per Share are useful metrics for evaluating operating performance and liquidity compared to other companies in the industry[92] Shareholder Information - Net income available to common stockholders for the nine months ended September 30, 2024, was $260,935,000, compared to $271,041,000 in 2025, showing a decrease of 3.93%[81] - Earnings per common share for the nine months ended September 30, 2024, was $2.19, compared to $2.26 in 2025, reflecting a decline of 3.09%[81] - Adjusted Earnings per share from continuing operations was $2.47 for the nine-month period ended September 30, 2024, compared to $2.42 for 2025, representing a decrease of approximately 2.0%[92] - The weighted average number of shares for the nine-month period ended September 30, 2024, was 119,129,429, while for 2025 it increased to 120,119,317, showing a growth of about 0.8%[92]