Ardmore Shipping(DE:A61)
€17.05+0.60 (+3.65%)
DE:A61
Ardmore Shipping earnings date
€17.05
At close:+0.60 (+3.65%)
Ardmore Shipping (A61) Q3 2026 Earnings Report
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DE:A61 Q3 2026 EPS Results
- Actual EPS
- EUR 0.36
- Consensus EPS
- EUR 0.35
- Beat/Miss
- Beat by +EUR 0.01
- One Year Ago EPS
- EUR 0.28
DE:A61 Q3 2026 Revenue Results
- Actual Revenue
- EUR 78.53M
- Expected Revenue
- EUR 50.74M
- Beat/Miss
- Beat by +EUR 27.80M
- YoY Revenue Growth
- +7.96%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 3, 2026
DE:A61 Upcoming Earnings
Ardmore Shipping's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:A61 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Management reported solid third-quarter earnings, accelerating fourth-quarter TCE rates, a 99% utilization rate, robust cash flow and financial flexibility, while highlighting favorable demand and supply fundamentals. The main negatives were that the third quarter was softer sequentially and that market-rate forecasting remains difficult.
Company Guidance
Ardmore said it is declaring a dividend of $0.27 per share, consistent with its policy of paying out 2/3 of adjusted earnings, and has contracted 6 Handysize tanker newbuildings with delivery dates starting from 2028; fleet CapEx is estimated at $2 million for the remainder of the year and forecast at $13 million for 2027. MR tankers earned $57,600 per day so far in the fourth quarter with 45% booked, recent bookings are north of $80,000 per day, and chemical tankers earned $30,100 per day so far in the fourth quarter with 60% booked; MR earnings so far in the fourth quarter were almost $60,000 per day. The company cited an operating cash breakeven of $10,800 per day or $11,700 per day, including drydocking CapEx, and effective leverage of 32%.
- Strong Third-Quarter Earnings and DividendThird-quarter adjusted earnings were $16.3 million, or $0.40 per share. Ardmore declared a $0.27 per-share dividend, consistent with its policy of paying out 2/3 of adjusted earnings, marking its 16th consecutive quarterly cash dividend.
- Accelerating MR Tanker RatesMR tankers earned $27,000 per day in the third quarter and $57,600 per day so far in the fourth quarter, with 45% booked. These levels are roughly double the TCEs achieved during the same period last year, while recent bookings are north of $80,000 per day.
- Improving Chemical Tanker RatesChemical tankers earned $23,300 per day in the third quarter and $30,100 per day so far in the fourth quarter, with 60% booked. Handysize chemical tankers concluded average charter rates of nearly $50,000 per day over the last month.
- High Operating LeverageTCE earnings were at a multiple of the company's operating cash breakeven of $10,800 per day. Including drydocking CapEx, the operating cash breakeven was $11,700 per day.
- Fleet Renewal and Growth ProgramArdmore exercised options for two Handysize tanker newbuildings, bringing its total order to six vessels with delivery dates starting from 2028. The vessels can carry mainstream oil and refined products, the majority of advanced chemical cargoes, edible oils and alternative fuels.
- Value-Enhancing Fleet TransactionsDuring the quarter, Ardmore agreed to sell a 2013-built MR for $34.3 million, with delivery completed in mid-October. The company also stated that it sold two older vessels this year at very attractive prices and acquired three modern secondhand MRs last year at prices around 30% below current market levels.
- Robust Market FundamentalsGlobal seaborne crude shipments were described as essentially back to pre-conflict levels. Crack spreads averaged over $60 per barrel on WTI and over $50 on Brent, up from the $20 range at the start of the year, supporting robust refining activity.
- Expected Refining and Product Tanker Demand GrowthThe IEA forecasts global refinery throughput to rise by more than 1 million barrels per day in the fourth quarter, with further growth through 2027, supporting higher product exports and product tanker utilization.
- Inventory Restocking OpportunityProduct stocks were described as being at multiyear lows, with European jet fuel at half its level at the start of the year and U.S. gasoline and diesel below their 5-year lows. Rebuilding stocks was said to equate to over 600 MR-equivalent cargoes, while planned increases in strategic reserves could further lengthen the restocking cycle and corresponding product tanker demand.
- Trade Dislocation Supporting Tonnage DemandGeopolitical shifts, refinery dislocation and energy-security priorities are reshaping trade flows. Volumes from the U.S. Gulf to Europe and Asia have risen significantly year-on-year, and MR naphtha East is up fivefold.
- Favorable MR and Handysize Supply DynamicsThe MR order book represents 18% of the fleet, and within five years half of existing MRs will be over 20 years old. The Handysize order book is just 6% of the current fleet, while within five years 75% of Handys will be over 20 years old; 17 million tons are approaching the scrapping window compared with 1 million tons on order.
- Strong Financial Position and FlexibilityArdmore said it continues to generate robust cash flows by optimizing TCE performance and tightly managing costs. Effective leverage, including forward commitments associated with the newbuilding program, stood at 32%, and the company cited ample debt capacity.
- Solid Third-Quarter EBITDA and UtilizationThird-quarter adjusted EBITDA was $28.8 million and adjusted EPS was $0.40. Fleet on-hire utilization reached 99% during the quarter, supported by ship-to-shore collaboration and continued innovation.
- Controlled Fleet Capital ExpenditureFleet CapEx for the remainder of the year is estimated at $2 million, with $13 million forecast for 2027.
- Balanced Capital Allocation StrategyManagement said it will continue returning capital to shareholders while investing in fleet renewal and growth, adjusting dividends, buybacks, secondhand acquisitions, newbuildings and vessel sales through the cycle. The dividend payout ratio was increased to 2/3 of adjusted earnings at the start of the year.
- Strong Position Heading Into WinterManagement said the company has a very modern, all-eco fleet with roughly 85% of vessels on spot as it enters the winter market. Fourth-quarter MR earnings were almost $60,000 per day, and management said recent bookings point even higher.
DE:A61 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 1.51- | 0.25 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 0.350.36 | 0.28 | 29.03% (+0.08) | |
| Jul 29, 2026 | 2026 (Q2) | 0.991.06 | 0.2 | 436.36% (+0.86) | |
| May 07, 2026 | 2026 (Q1) | 0.460.52 | 0.13 | 314.29% (+0.39) | |
| Feb 12, 2026 | 2025 (Q4) | 0.240.25 | 0.22 | 12.00% (+0.03) | |
| Nov 05, 2025 | 2025 (Q3) | 0.240.28 | 0.49 | -43.64% (-0.21) | |
| Jul 30, 2025 | 2025 (Q2) | 0.160.20 | 1.01 | -80.53% (-0.81) | |
| May 07, 2025 | 2025 (Q1) | 0.110.13 | 0.82 | -84.78% (-0.70) | |
| Feb 13, 2025 | 2024 (Q4) | 0.190.22 | 0.56 | -60.32% (-0.34) | |
| Nov 06, 2024 | 2024 (Q3) | 0.450.49 | 0.44 | 12.24% (+0.05) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
