DryShips Swings To Q4 Loss

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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.

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by RTT Staff Writer

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