Ardmore Shipping Reports Revenue Beat, Misses on Non-GAAP EPS
May 11, 2023
Trending News 🌧️
Ardmore Shipping ($NYSE:ASC) Corporation recently reported their first quarter financial results and the results were a mix of good news and bad news. The good news is that their revenue came in well ahead of expectations, with a total of $118.23M reported, which was $34.64M higher than anticipated. The bad news is that their non-GAAP earnings per share (EPS) came in slightly below estimates at $1.04, which is $0.01 lower than expected.
Ardmore Shipping Corporation is a tanker shipping company operating a fleet of mid-size to large product and chemical tankers, which engage in the transportation of refined petroleum products, chemicals, and other specialty liquid products worldwide. It also provides seaborne services for offshore exploration, development, and production of crude oil and natural gas.
Earnings
In its latest earnings report covering the quarter ending December 31 2022, ARDMORE SHIPPING reported total revenue of 132.83M USD, representing an increase of 153.2% compared to the same period the previous year. Additionally, ARDMORE SHIPPING’s net income was reported at 53.94M USD, representing a decrease of 781.1% compared to the same period the previous year. Over the last three years, ARDMORE SHIPPING has seen a significant increase in revenue, growing from 41.73M USD to 132.83M USD. However, despite the strong revenue growth, ARDMORE SHIPPING missed its Non-GAAP estimates for EPS.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ardmore Shipping. More…
| Total Revenues | Net Income | Net Margin |
| 445.74 | 135.05 | 32.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ardmore Shipping. More…
| Operations | Investing | Financing |
| 124.21 | 35.41 | -164.5 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ardmore Shipping. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 723.86 | 217.42 | 12.47 |
Key Ratios Snapshot
Some of the financial key ratios for Ardmore Shipping are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 24.7% | 113.8% | 34.6% |
| FCF Margin | ROE | ROA |
| 27.0% | 20.1% | 13.3% |
Price History
On Tuesday, ARDMORE SHIPPING reported its quarterly earnings results. As a result, ARDMORE SHIPPING stock opened at $13.5 and closed at $12.7, reflecting a 6.3% drop from its prior closing price of $13.6. Live Quote…
Analysis
At GoodWhale, we recently conducted an analysis of ARDMORE SHIPPING‘s well-being and the results were quite impressive. According to our Star Chart, ARDMORE SHIPPING is strong in growth, medium in asset, profitability and weak in dividend. Based on this assessment, we would classify ARDMORE SHIPPING as a ‘cheetah’, a type of company that we conclude has achieved high revenue or earnings growth but is considered less stable due to lower profitability. This makes ARDMORE SHIPPING an attractive option for investors looking for higher returns and growth potential, with potential risks that come with a lower level of stability. Additionally, ARDMORE SHIPPING has a high health score of 8/10 with regard to its cashflows and debt, which means it is capable to safely ride out any crisis without the risk of bankruptcy. Therefore, investors looking for rapid growth and a measure of security may be interested in ARDMORE SHIPPING. More…
Peers
The Company owns and operates a fleet of product and crude tankers. Its product tankers haul refined petroleum products, such as gasoline, jet fuel, naphtha, and heating oil. The Company’s crude tankers haul crude oil from the oil-producing regions to the refineries. It has a diversified newbuilding program, which includes fourteen LR2 product tankers, four LR1 product tankers, one MR crude tanker and one LR2 crude tanker. The Company has operations in North America, Europe and Asia.
– Concordia Maritime AB ($LTS:0H0N)
Concordia Maritime AB is a Swedish tanker shipping company. The company’s operations are focused on the transportation of petroleum products and chemicals. As of 2022, Concordia Maritime AB had a market capitalization of 413.34 million and a return on equity of -74.14%.
– TOP Ships Inc ($NASDAQ:TOPS)
TOPS Ships Inc. is a US-based company that provides maritime transportation services. It owns and operates a fleet of product and chemical tankers. The company has a market capitalization of $11.52 million and a return on equity of 11.7%.
– KSS Line Ltd ($KOSE:044450)
KSS Line Ltd is a publicly traded company with a market capitalization of 217.63 billion as of 2022. The company has a return on equity of 12.17%. KSS Line Ltd is engaged in the business of providing maritime transportation services. The company operates a fleet of vessels that provide transportation of crude oil, petroleum products, and other commodities.
Summary
Investing analysis of Ardmore Shipping shows that the company reported its Non-GAAP earnings of $1.04 per share, which missed the market expectations by $0.01. On the contrary, its revenue of $118.23M beat the estimates by $34.64M. Despite these numbers, the stock price of the company showed a downward movement on the same day.
It indicates that investors are not satisfied with the results. Investors should watch the stock closely and analyze the performance of the company in order to understand the prospects in the coming days.
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