logo
Share SHARE
FONT-SIZE Plus   Neg

DryShips Swings To Q4 Loss

DryShips Inc. (DRYS) Wednesday reported a swing to loss in the fourth quarter, largely on impairment losses incurred on some of its vessels.

DryShips fourth quarter net loss was $6.2 million or $0.02 per share, compared to net income of $97.9 million or $0.29 earnings per share in the prior year quarter.

Results for the quarter included impairment losses on the vessels Avoca, Padre and Positano aggregating $32.6 million or $0.09 per share. Excluding the items, adjusted earnings would have been $26.4 million or $0.07 per share for the quarter under review.

On average, nine analysts polled by Thomson Reuters expected DryShips to earn $0.07 per share for the quarter. Analysts' estimates typically exclude one-time items.

The marine transportation services for drybulk and petroleum cargoes, reported fourth quarter revenues of $328.2 million, compared to $215.8 million a year ago. Eight analysts had a consensus revenue estimate of $287.25 million for the quarter.

Voyage revenues declined to $90.5 million from $113.5 million last year. Revenues from drilling contracts more than doubled to $237.7 million from $102.3 million in the prior-year quarter.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Amazon.com Inc. is working on developing a pair of smart glasses that would allow to summon and interact with virtual assistant Alexa while wearing the device, the Financial Times reported, citing people familiar with the plans. The glasses, which would be required to be connected wirelessly to a smartphone to work, is reportedly designed to look like a regular pair of spectacles. Employees at Bombardier Inc.'s aerospace plant in Toronto plan to walk out of the facility on Wednesday morning. The move is an attempt to put pressure on Boeing Co. to drop a trade complaint against the Canadian plane and train maker. The Baltimore Ravens, a professional American football team, postponed its "DNA Day" event just hours before this season's home opener last Sunday. Orig3n Inc., a Boston-based biotech company sponsoring the event, said in a statement that it is "working to address questions from officials from the state of Maryland."
comments powered by Disqus
RELATED NEWS
Trade DRYS now with 
Follow RTT