Ardmore Shipping (ASC) Tops Q3 EPS by 1c, Beats on Revenues

Ardmore Shipping (NYSE: ASC) reported Q3 EPS of ($0.14), $0.01 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $48.65 million versus the consensus estimate of $30.06 million.

Highlights

• Reported a net loss of $4.6 million for the three months ended September 30, 2017, or $0.14 basic and diluted loss per share, as compared to a net loss of $4.8 million, or $0.14 basic and diluted loss per share, for the three months ended September 30, 2016. The Company reported EBITDA (see Non-GAAP Measures section below) of $10.1 million for the three months ended September 30, 2017, as compared to $7.2 million for the three months ended September 30, 2016.
• Agreed to acquire a 47,500 Dwt 2008 Japanese-built product tanker. The acquisition is subject to completion of financing under a lease arrangement on terms acceptable to Ardmore and if successful, the vessel is expected to deliver to Ardmore in December 2017 or January 2018.
• Completed a $15 million revolving credit facility in October, further enhancing our financial flexibility.
• Spot and pool MR tankers earned an average of $12,970 per day and Eco-Design chemical tankers earned an average of $10,768 per day.
• 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 third quarter 2017.

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

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