CORK: Ireland (AP) Ardmore Shipping Corp. (ASC) reported fourth-quarter net income of $1.9 million, after reporting a loss in the same period a year earlier.
The Cork, Ireland-based Company said it had net income of 7 cents per share. Earnings, adjusted for stock option expense, were 8 cents per share.
The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The shipping company posted revenue of $22.3 million in the period.
For the year, the company reported net income of $1.7 million, or 7 cents per share, swinging to a profit in the period. Revenue was reported as $67.3 million.
Ardmore Shipping shares have fallen 4.5 percent since the beginning of the year. The stock has decreased 23 percent in the last 12 months.
