Ardmore Shipping Stock Slips, Despite Growth In Q3 Earnings

(RTTNews) - Ardmore Shipping Corp. (ASC) Wednesday announced an increase in third-quarter earnings, on higher revenues. Currently, shares are at $18.26, down 2.19 percent from the previous close of $18.71.

The quarterly earnings were $23.29 million, up from $20.34 million last year. On a per share basis, earnings increased to $0.55 from $0.49 a year ago. On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.10 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increase to $96.11 million from $86.94 million a year ago. Analysts were looking for $1.3 billion.

The company noted that the ongoing conflict between Russia and Ukraine has contributed significantly to related increases in spot tanker rates. Ardmore expects that expansion of hostilities in the Middle East could continue to affect the price of crude oil and the oil industry.

The company further declared cash dividen of $0.18 per share to be paid on December 13 to shareholders on record November 29, 2024.