Ardmore reports loss of $12.2 million in third quarter

Ardmore

Ardmore Shipping Corp. (ASC) on Wednesday reported a loss of $12.2 million in its third quarter.

The Pembroke, Bermuda-based company said it had a loss of 37 cents per share.

The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 33 cents per share.

The shipping company posted revenue of $48.9 million in the period. Its adjusted revenue was $24.5 million, which also missed Street forecasts. Six analysts surveyed by Zacks expected $26.2 million.

Ardmore Shipping shares have declined 11 percent since the beginning of the year. The stock has fallen 16 percent in the last 12 months.

Source: AP

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