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The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share has increased 14% over the past 90 days.
Against this backdrop, let’s take a look at the factors that might have shaped the company’s June-quarter performance.
We expect Ardmore Shipping’s results for the quarter under review to reflect bullishness surrounding the tanker market as product tanker rates are currently at healthy levels despite volatility. Moreover, owing to resumption of economic activities and an uptick in world trade following the removal of COVID-19-induced restrictions, ASC’s top-line performance is expected to have been boosted.
Time Charter Equivalent or TCE rates, which represent net revenues (revenues less voyage expenses) divided by revenue days, are likely to have improved in the to-be-reported quarter due to higher spot rates. However, costs are likely to have been steep due to supply-chain troubles.
What Does the Zacks Model Say?
The proven Zacks model does not conclusively predict an earnings beat for ASC this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates, which is not the case here.
Earnings ESP: Ardmore Shipping has an Earnings ESP of 0.00% as the Most Accurate Estimate is in line with the Zacks Consensus Estimate of 56 cents per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Ardmore Shipping currently carries a Zacks Rank #3.
Stocks to Consider
Here are a few stocks from the broader Zacks Transportation sector that investors may consider since our model shows that these have the right combination of elements to beat on earnings this time around.
JBLU has an expected earnings growth rate of 192.5% for the current year. The company surpassed the Zacks Consensus Estimate in two of the past four quarters, missing twice. The average miss is 78.36%.
Copa Holdings (CPA - Free Report) currently has an Earnings ESP of +0.82% and carries a Zacks Rank #2. CPA will release second-quarter 2023 results on Aug 9.
We expect Copa’s second-quarter performance to have been aided by upbeat air-travel demand. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the preceding four quarters by an average of 14.6%.
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What's in Store for Ardmore Shipping (ASC) in Q2 Earnings?
Ardmore Shipping Corporation (ASC - Free Report) is scheduled to release second-quarter 2023 earnings on Aug 1, before market open.
The company beat the Zacks Consensus Estimate in three of the last four quarters and matched the same once, the average beat being 3.52%.
Ardmore Shipping Corporation Price and EPS Surprise
Ardmore Shipping Corporation price-eps-surprise | Ardmore Shipping Corporation Quote
The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share has increased 14% over the past 90 days.
Against this backdrop, let’s take a look at the factors that might have shaped the company’s June-quarter performance.
We expect Ardmore Shipping’s results for the quarter under review to reflect bullishness surrounding the tanker market as product tanker rates are currently at healthy levels despite volatility. Moreover, owing to resumption of economic activities and an uptick in world trade following the removal of COVID-19-induced restrictions, ASC’s top-line performance is expected to have been boosted.
Time Charter Equivalent or TCE rates, which represent net revenues (revenues less voyage expenses) divided by revenue days, are likely to have improved in the to-be-reported quarter due to higher spot rates. However, costs are likely to have been steep due to supply-chain troubles.
What Does the Zacks Model Say?
The proven Zacks model does not conclusively predict an earnings beat for ASC this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates, which is not the case here.
Earnings ESP: Ardmore Shipping has an Earnings ESP of 0.00% as the Most Accurate Estimate is in line with the Zacks Consensus Estimate of 56 cents per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Ardmore Shipping currently carries a Zacks Rank #3.
Stocks to Consider
Here are a few stocks from the broader Zacks Transportation sector that investors may consider since our model shows that these have the right combination of elements to beat on earnings this time around.
JetBlue Airways (JBLU - Free Report) has an Earnings ESP of +12.50% and a Zacks Rank #2. JBLU will release results on Aug 1. Upbeat passenger volumes are likely to aid JBLU’s second-quarter results. You can see the complete list of today’s Zacks #1 Rank stocks here.
JBLU has an expected earnings growth rate of 192.5% for the current year. The company surpassed the Zacks Consensus Estimate in two of the past four quarters, missing twice. The average miss is 78.36%.
Copa Holdings (CPA - Free Report) currently has an Earnings ESP of +0.82% and carries a Zacks Rank #2. CPA will release second-quarter 2023 results on Aug 9.
We expect Copa’s second-quarter performance to have been aided by upbeat air-travel demand. The company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the preceding four quarters by an average of 14.6%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.