PEMBROKE, Bermuda (AP) _ Ardmore Shipping Corp. (ASC) on Wednesday reported a loss of $9.2 million in its first quarter.
On a per-share basis, the Pembroke, Bermuda-based company said it had a loss of 28 cents. Losses, adjusted for non-recurring costs, came to 8 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.
The shipping company posted revenue of $62.3 million in the period. Its adjusted revenue was $35 million, also beating Street forecasts. Five analysts surveyed by Zacks expected $34 million.
Ardmore Shipping shares have increased 50% since the beginning of the year. The stock has declined 13% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ASC at https://www.zacks.com/ap/ASC