Why did CMRE consistently beat EPS forecasts in 2024?

Costamare Inc. (CMRE) consistently beat EPS forecasts in 2024 due to strong financial performance and strategic fleet management:

1. **Robust Financial Performance**: CMRE reported significant net income for Q2 and Q3 2024, with $91.3 million for Q2 and $80 million for Q3. The company's liquidity remained strong, with over $1 billion available. This financial strength allowed CMRE to exceed EPS expectations.
2. **Strategic Fleet Management**: CMRE has been actively managing its fleet through both acquisitions and disposals. The company has renewed and upsized its fleet, acquiring larger vessels while disposing of older ones. This strategic approach has likely led to improved efficiency and profitability, contributing to higher EPS.
3. **Charters and Contracted Revenues**: CMRE has secured significant charter agreements, with total contracted revenues amounting to $2.4 billion for containerships. The company has also made progress in renewing its dry bulk fleet and has secured new charter agreements for owned dry bulk vessels. These long-term contracts provide a stable revenue stream, which has likely supported consistent EPS performance.
4. **Liquidity and Cash Flow**: CMRE has maintained strong liquidity, which is crucial for sustaining its business model and supporting growth initiatives. The company's cash flow has been sufficient to fund dividends, share repurchases, and fleet renewals. This financial prudence has likely contributed to positive EPS surprises.

In summary, CMRE's ability to consistently beat EPS forecasts in 2024 can be attributed to its robust financial performance, strategic fleet management, and effective liquidity management. These factors have collectively supported the company's profitability and exceeded market expectations.