Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

DryShips Swings To Q4 Loss

RELATED NEWS
Trade DRYS now with 
2/22/2012 5:50 PM ET

DryShips Inc. (DRYS: Quote) 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.

Click here to receive FREE breaking news email alerts for DryShips, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Reserve Bank of New Zealand on Thursday raised its Official Cash Rate by 25 basis points, to 3.00 percent from 2.75 percent. The decision was in line with expectations, and it marks the second straight month with a rate hike following 24 straight meetings in which the rate was not changed. New Zealand's economic expansion has considerable momentum, with GDP estimated to have grown by 3.5 percent in the year to March. Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter. Stocks moved mostly lower during trading on Wednesday, giving back some ground after trending higher over the past several sessions. Selling pressure was relatively subdued, however, limiting the downside for the markets. The major averages all closed in the red, although the tech-heavy Nasdaq underperformed its counterparts by a wide margin.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.