Ardmore Shipping Q2 revenue jumps on higher spot charter rates
Ardmore Shipping Q2 revenue jumps on higher spot charter rates
Overview
Bermuda tanker operator's Q2 revenue rose sharply yr/yr, but adjusted EPS slightly missed consensus
Company's revenue beat analyst expectations; adjusted net income posted a slight miss
Company completed sale of Ardmore Engineer vessel and expanded newbuilding order to four ships
Outlook
Company says about 45% of MR tanker days for Q3 2026 fixed at $29,600 per day
About 50% of chemical tanker days for Q3 2026 fixed at $25,000 per day
Company says market conditions remain positive but notes ongoing geopolitical and economic uncertainty
Result Drivers
HIGHER SPOT CHARTER RATES - Co said increase in revenue was primarily driven by higher spot charter rates, especially for MR tankers
VESSEL SALE GAIN - Net income benefited from $12.2 mln gain on sale of Ardmore Engineer
MORE TIME CHARTERS - Increased employment of vessels under time charters added $8.6 mln to revenue
Company press release: ID:nPn5YPydKa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $116.20 mln | $87.45 mln (2 Analysts) |
Q2 Adjusted EPS | Miss | $1.18 | $1.19 (3 Analysts) |
Q2 EPS |
| $1.48 |
|
Q2 Adjusted Net Income | Slight Miss* | $48.30 mln | $48.62 mln (3 Analysts) |
Q2 Net Income |
| $60.50 mln |
|
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy"
Wall Street's median 12-month price target for Ardmore Shipping Corp is $19.50, about 19% above its July 28 closing price of $16.39
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 14 three months ago
Reuters Recommended Reads
July 29 - Greece's Capital Clean Energy Carriers Q2 revenue rises on fleet expansion
July 27 - Monaco's Costamare Q2 voyage revenue falls 4.8% on lower charter rates
July 29 - China in touch with Yemen's Houthis to allow ships to sail through Red Sea, sources say
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
Recent news on Ardmore Shipping
See all newsArdmore Shipping Corp reports results for the quarter ended September 30 - Earnings Summary
Ardmore Shipping Q3 revenue beats estimates on higher spot charter rates
Ardmore Shipping Corp reports results for the quarter ended June 30 - Earnings Summary
Ardmore Shipping Q2 revenue jumps on higher spot charter rates
Brief: Ardmore Shipping Q2 Revenue USD 116.2 Million