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What's in Store for Ardmore Shipping (ASC) in Q3 Earnings?
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Ardmore Shipping Corporation (ASC - Free Report) is scheduled to release third-quarter 2023 earnings on Nov 7, before market open.
ASC beat the Zacks Consensus Estimate in three of the last four quarters and matched once, the average beat being 3.34%. The Zacks Consensus Estimate for quarterly earnings per share has increased 1.16% over the past 60 days.
Ardmore Shipping Corporation Price and EPS Surprise
Against this backdrop, let’s take a look at the factors that might have shaped the company’s September-quarter performance.
We expect Ardmore Shipping’s results to reflect bullishness surrounding the tanker market as product tanker rates are currently at healthy levels despite minor hiccups. Also, normalization of economic activities and an uptick in world trade following the removal of COVID-19-induced restrictions are expected to have boosted ASC’s top-line performance.
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 favorable spot rates. However, costs are likely to have been steep due to a rise in oil prices and supply-chain troubles.
What Does the Zacks Model Say?
The proven Zacks model predicts 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 the case here.
Earnings ESP: Ardmore Shipping has an Earnings ESP of +4.65% as the Most Accurate Estimate is currently pegged at 41 cents, 2 cents below the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Ardmore Shipping currently sports a Zacks Rank #1.
Other Stocks to Consider
Here are a few stocks from the broader Zacks Transportation sector that investors may consider as our model shows that these have the right combination of elements to beat on their third-quarter 2023 earnings.
GLNG is scheduled to release third-quarter 2023 results on Nov 21. Golar LNG's efforts to reward its shareholders through share buybacks look encouraging.
Copa Holdings, S.A. (CPA - Free Report) has an Earnings ESP of +4.60% and a Zacks Rank #3. CPA is set to post third-quarter 2023 numbers on Nov 15.
Upbeat air-travel demand has been aiding Copa Holdings' revenues. High fuel costs are, however, likely to have hurt the bottom line.
Image: Bigstock
What's in Store for Ardmore Shipping (ASC) in Q3 Earnings?
Ardmore Shipping Corporation (ASC - Free Report) is scheduled to release third-quarter 2023 earnings on Nov 7, before market open.
ASC beat the Zacks Consensus Estimate in three of the last four quarters and matched once, the average beat being 3.34%. The Zacks Consensus Estimate for quarterly earnings per share has increased 1.16% over the past 60 days.
Ardmore Shipping Corporation Price and EPS Surprise
Ardmore Shipping Corporation price-eps-surprise | Ardmore Shipping Corporation Quote
Against this backdrop, let’s take a look at the factors that might have shaped the company’s September-quarter performance.
We expect Ardmore Shipping’s results to reflect bullishness surrounding the tanker market as product tanker rates are currently at healthy levels despite minor hiccups. Also, normalization of economic activities and an uptick in world trade following the removal of COVID-19-induced restrictions are expected to have boosted ASC’s top-line performance.
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 favorable spot rates. However, costs are likely to have been steep due to a rise in oil prices and supply-chain troubles.
What Does the Zacks Model Say?
The proven Zacks model predicts 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 the case here.
Earnings ESP: Ardmore Shipping has an Earnings ESP of +4.65% as the Most Accurate Estimate is currently pegged at 41 cents, 2 cents below the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Ardmore Shipping currently sports a Zacks Rank #1.
Other Stocks to Consider
Here are a few stocks from the broader Zacks Transportation sector that investors may consider as our model shows that these have the right combination of elements to beat on their third-quarter 2023 earnings.
Golar LNG Limited (GLNG - Free Report) has an Earnings ESP of +18.00% and carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
GLNG is scheduled to release third-quarter 2023 results on Nov 21. Golar LNG's efforts to reward its shareholders through share buybacks look encouraging.
Copa Holdings, S.A. (CPA - Free Report) has an Earnings ESP of +4.60% and a Zacks Rank #3. CPA is set to post third-quarter 2023 numbers on Nov 15.
Upbeat air-travel demand has been aiding Copa Holdings' revenues. High fuel costs are, however, likely to have hurt the bottom line.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.