Ardmore Shipping Registers 26% Revenue Growth In Q4

  • Ardmore Shipping Corp ASC reported fourth-quarter revenue growth of 25.7% year-over-year to $52.46 million.
  • Adjusted EPS loss improved to $(0.25) from $(0.39) in 4Q20, missing consensus of $(0.24).
  • Ardmore Shipping cash used in operating activities was $2.88 million, compared to cash generated of $46.09 million a year ago.
  • Adjusted EBITDA was $5.45 million, compared to $0.9 million in 4Q20, and margin expanded by 825 bps to 10.4%.
  • The average TCE rate for the fleet was $11,390 per day in Q4, an increase of $1,626 per day compared to 4Q20.
  • As of February 15, 2022, Ardmore has fixed ~60% of its total MR revenue days for 1Q22 at an average TCE rate of ~$13,725 per day.
  • The company had 27 vessels in operation as of December 31, 2021. It had $67 million of available liquidity, with cash and equivalents of $55.4 million and amounts available and undrawn under its revolving credit facilities of $11.6 million.
  • Price Action: ASC shares are trading higher by 2.13% at $3.83 on the last check Tuesday.

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