Ardmore Shipping reports Q1 adjusted EPS 14c, consensus 12c

Reports Q1 revenue $74M vs. $106.3M last year. CEO Gernot Ruppelt commented, Ardmore’s deliberate strategic choices in past and present have ensured the company is well prepared for an increasingly complex global environment. And our consistent focus on low breakeven levels, tight cost management and maximizing TCE results have put Ardmore in a unique position to perform under a wide range of market scenarios. Broader freight levels have remained resilient, and OPEC production increases should continue to boost already strong refining margins. At the same time, the industry is facing the oldest global fleet in decades. With Ardmore’s modern, highly efficient fleet of Korean and Japanese-built tankers, we continue to capture a broad range of oil product flows and interchangeably chemical cargos. In addition, our nimble operating philosophy enables us to capture value through opportunistic chartering activity. Meanwhile, we continue to address all our capital allocation priorities in a dynamic manner. In an ever-evolving macro environment, our strong balance sheet, our quality fleet and operating performance as well as deliberate strategic choices focused on generating long-term shareholder value will remain at the very core of our business philosophy.”