Ardmore Shipping Non-GAAP EPS of $1.13 beats by $0.07, revenue of $121.3M beats by $39.37M
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- Ardmore Shipping press release (NYSE:ASC): Q2 Non-GAAP EPS of $1.13 beats by $0.07.
- Revenue of $121.3M (+31.9% Y/Y) beats by $39.37M.
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The Company’s average number of operating vessels was 26.0 for the three months ended June 30, 2024, consistent with 26.0 for the three months ended June 30, 2023.
The Company had 2,093 spot revenue days for the three months ended June 30, 2024, as compared to 2,295 for the three months ended June 30, 2023.
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The Company had two product tankers employed under time charters as of June 30, 2024 as compared to none as of June 30, 2023.
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The average TCE rate for the Company’s fleet was $37,762 per day for the three months ended June 30, 2024, an increase of $11,221 per day from $26,541 per day for the three months ended June 30, 2023.
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Outlook: In the third quarter of 2024, the company expects to have 95% of its revenue days for its MR tankers employed in the spot market with the remaining 5% of revenue days subject to time charters.
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As of July 31, 2024, the Company had fixed approximately 45% of its total spot MR revenue days for the third quarter of 2024 at an average spot TCE rate of approximately $34,300 per day, which includes MR Eco-Design tankers at $33,700 per day and MR Eco-Mod tankers at $38,600 per day.