Ardmore Shipping reports Q1 adjusted EPS 92c, consensus 83c

Reports Q1 revenue $106.3M, consensus $79.91M. CEO Anthony Gurnee commented: “Product and chemical tanker markets have continued to build momentum into 2024 from an already strong base of earnings in 2023, partially reflecting typical seasonal strength, but also the continued positive ton-mile factors relating to geopolitical events along with underlying global economic activity…We have now largely completed our scheduled drydockings and concurrent maintenance and upgrade investments for 2024. As a result, we anticipate higher revenue days as well as greater potential earnings power for our fleet through the end of the year. Our robust financial position allows us to pursue all our capital allocation priorities simultaneously, including further strengthening of our balance sheet, returning capital to shareholders, and gradually investing in fleet modernization over time. We believe that the highly favorable vessel demand / supply conditions will support an extended strong market, and that Ardmore is well positioned to extract maximum benefit.”