| Over a month ago | ||||
Investor Day to discuss… Investor Day to discuss 4Q22 results will be held on February 14 at 12 pm. Webcast Link | ||||
Reports Q4 revenue… Reports Q4 revenue $132.83M, consensus $87.81M. CEO Anthony Gurnee commented: "2022 was a tremendous year for product tanker markets and the most profitable year thus far for Ardmore, as supportive fundamentals created early momentum that was then amplified by a substantial re-ordering of global energy markets. This also followed a prolonged period of refined product inventory draws and post-pandemic energy consumption growth, and energy supply chains operating with little, if any, buffer to account for dislocations or unforeseen developments. In these tight and fast-changing markets, Ardmore's high-quality fleet of modern MR product and chemical tankers, its focus on operational excellence and ability to take advantage of market volatility, along with a strong balance sheet and low breakeven levels, have enabled us to generate strong profits and cash flow. As a result, we are also now able to pursue our capital allocation policy priorities simultaneously: maintaining our fleet over time, continued de-levering of our balance sheet, paying our newly initiated quarterly dividend, and selectively evaluating accretive growth opportunities that support our long-term strategic goals. As strong markets extend into 2023 and with the newbuilding orderbook remaining at a historically low level, we believe Ardmore is exceptionally well positioned to continue generating strong earnings and translating our current performance into lasting shareholder value." | ||||
Meetings to be held in… Meetings to be held in New York on January 31 and in Boston on February 1 hosted by Jefferies. | ||||
| Over a quarter ago | ||||
Jefferies analyst Omar… Jefferies analyst Omar Nokta raised the firm's price target on Ardmore Shipping to $17 from $16 and keeps a Buy rating on the shares. He is raising his estimates and price targets across his tanker coverage, citing the view that the sector's earnings power has "strengthened materially" as charterers prepare for an EU ban on Russian crude oil imports. All tanker segments - including VLCCs, mid-size crude and the product classes - are "positioned for outsized earnings," Nokta contends. | ||||
Ardmore Shipping… Ardmore Shipping announced today that its Board of Directors has approved the initiation of a quarterly cash dividend as a component of the Company's longstanding Capital Allocation Policy. Commencing with the Company's performance for the quarter ending December 31, Ardmore intends to pay a quarterly cash dividend equivalent to one-third of Adjusted Earnings for the applicable quarter. The declaration and payment of dividends is subject to the discretion of our Board of Directors. | ||||
Reports Q3 revenue… Reports Q3 revenue $142.42M, consensus $89.71M. "We are pleased to report record earnings for the Q3, with adjusted earnings of $61.6M or $1.59 EPS, driven primarily by MR spot TCE performance for our Eco-Design tankers of approximately $47,000 per day. This performance has continued into the Q4, with 40% of Ardmore's MR Eco-Design ship-days for the fourth quarter already booked at $45,000 per day, establishing a solid foundation in advance of what we expect will be a strengthening winter period." | ||||
Stifel analyst Benjamin… Stifel analyst Benjamin Nolan raised the firm's price target on Ardmore Shipping to $11 from $9 and keeps a Buy rating on the shares as he previews earnings from the tanker group. Tanker rates have been "especially strong," particularly for product tankers, while asset values and equities have also inflected higher, noted Nolan, who expects the market is likely to remain strong through the end of the year and likely for much of next year. | ||||
Ardmore Shipping… Ardmore Shipping announced the planned departure of its current CFO Paul Tivnan and appointment of new CFO Bart Kelleher, effective 28 September. Bart Kelleher most recently served as CEO of Chembulk Tankers, an owner and operator of stainless-steel chemical tankers, having previously served as both Chief Strategy Officer and Chief Financial Officer of the firm. Prior to that, he was the Chief Operating Officer of Principal Maritime Management which owned and operated a fleet of Suezmax crude carriers and chemical tankers; he also functioned as acting Chief Financial Officer during the company's start-up and initial growth phases. | ||||
Reports Q2 revenue… Reports Q2 revenue $107.13M, consensus $59.35M. CEO Anthony Gurnee commented: "We are pleased to report record earnings for Q2 with net income of $29M or 82c EPS, reflecting improved market conditions and MR TCE performance of $31K per day. The product tanker market has continued to strengthen so far into the third quarter, with our MR's earning $46,600 with 45% of days booked, setting the stage for an even better quarter and an anticipated strong finish for the year...In addition to achieving strong commercial performance, we have been working to convert this into durable financial strength by refinancing substantially all of our debt on improved terms including sustainability-linked pricing, prepaying 12 higher-cost capital leases so that we have just two still outstanding, extending our debt maturities to 2027, and providing Ardmore with improved financial flexibility through revolving credit facilities." | ||||
