FX.co ★ Ardmore Shipping Stock Slips, Despite Growth In Q3 Earnings

Ardmore Shipping Corp. (ASC) has reported a rise in earnings for the third quarter, driven by increased revenues. As of now, the stock is trading at $18.26, which marks a decline of 2.19% from the previous closing price of $18.71.

The company's earnings for the quarter reached $23.29 million, up from $20.34 million in the corresponding period last year. Earnings per share also climbed to $0.55 compared to $0.49 the previous year. This performance surpassed the expectations of 11 analysts surveyed by Thomson Reuters, who had projected earnings of $0.10 per share. Typically, analyst estimates do not factor in special items.

Revenue for the quarter grew to $96.11 million, up from $86.94 million one year earlier. Analysts, however, had anticipated revenues of $1.3 billion.

Ardmore has acknowledged that the ongoing conflict between Russia and Ukraine has been a contributing factor to the increase in spot tanker rates. The company also noted that any escalation of hostilities in the Middle East could impact crude oil prices and the broader oil industry.

Additionally, Ardmore announced a cash dividend of $0.18 per share, payable on December 13 to shareholders recorded as of November 29, 2024.