Ardmore Shipping Posts $87.7 Million in Q3 Revenue, $0.40 EPS

Ardmore Shipping Corporation's third-quarter revenue rose $6.5 million to $87.7 million from a year earlier, as higher spot rates and time-charter employment offset fewer spot revenue days.

Net revenue for the quarter ended Sept. 30 was $87.711 million, compared with $81.245 million in the year-earlier quarter. Net income attributable to common stockholders reached $16.348 million, up from $12.143 million. Basic and diluted earnings per share were $0.40.

Adjusted earnings, calculated under Ardmore's non-GAAP methodology, were $16.348 million, or $0.40 per basic and diluted share. The year-over-year revenue increase was $6.466 million.

Higher spot charter rates contributed $11.1 million to revenue, while greater time-charter employment added $3.8 million. Fewer spot revenue days reduced revenue by $8.4 million.

Ardmore's operating fleet comprised 18 owned MR tankers and six owned product/chemical tankers as of Sept. 30. For fourth-quarter days already fixed, average spot time charter equivalent rates were $57,600 per day for MR tankers and $30,100 per day for chemical tankers as of Nov. 3. The rates apply to booked days, not the full quarter.

Ardmore had fixed 45% of MR tanker revenue days and 60% of chemical-tanker revenue days for the fourth quarter by Nov. 3. Chief Executive Officer Gernot Ruppelt said, “Already-strong market momentum has accelerated into the fourth quarter.”

The board declared a cash dividend of $0.27 per share for the quarter ended Sept. 30. It is payable Dec. 15 to shareholders of record Nov. 27.