Ardmore Shipping (ASC) Tops Q4 EPS by 3c, Beats on Revenues

Ardmore Shipping (NYSE: ASC) reported Q4 EPS of ($0.12), $0.03 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $47.8 million versus the consensus estimate of $30.37 million.

Highlights and Recent Activity

• Reported a net loss of $12.5 million for the twelve months ended December 31, 2017, or $0.37 basic and diluted loss per share, as compared to a net profit of $3.7 million, or $0.12 basic and diluted earnings per share, for the twelve months ended December 31, 2016. The Company reported EBITDA (see Non-GAAP Measures section below) of $45.7 million for the twelve months ended December 31, 2017, as compared to $54.2 million for the twelve months ended December 31, 2016.
• Reported a net loss of $3.8 million for the three months ended December 31, 2017, or $0.12 basic and diluted loss per share, as compared to a net loss of $3.7 million, or $0.11 basic and diluted loss per share, for the three months ended December 31, 2016. The Company reported EBITDA (see Non-GAAP Measures section below) of $11.0 million for the three months ended December 31, 2017, as compared to $10.9 million for the three months ended December 31, 2016.
• Acquired the Ardmore Sealancer, a high-quality 47,500 Dwt MR product tanker constructed at Onomichi Dockyard Co. Ltd. in Japan in 2008. Ardmore took delivery of the vessel on January 23, 2018.
• Repurchased 1,435,654 of Ardmore\'s common shares for $11.1 million in the aggregate in November 2017, as part of the GA Holdings LLC secondary offering. Ardmore\'s repurchase price of $7.72 per share represented a significant discount to net asset value, thereby realizing substantial value for shareholders. Transaction underwriters exercised an over-allotment option in January 2018 resulting in proceeds to the Company of $2.4 million.
• Spot and pool MR tankers earned an average TCE rate of $12,975 per day for the twelve months ended December 31, 2017, including $12,131 per day in the three months ended December 31, 2017. Eco-Design chemical tankers earned an average of $11,949 per day for the twelve months ended December 31, 2017, including $13,369 per day for the three months ended December 31, 2017.
• Maintaining our dividend policy of paying out 60% of earnings from continuing operations. Consistent with this policy, the Company is not declaring a dividend for the fourth quarter of 2017.

For earnings history and earnings-related data on Ardmore Shipping (ASC) click here.

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