logo
Share SHARE
FONT-SIZE Plus   Neg

DryShips Swings To Q4 Loss

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Software giant Microsoft Corp. said Monday after the markets closed that its second quarter profit fell 11% from last year, hurt mainly by integration and restructuring costs as well as higher income tax expenses even as revenue increased 8% due to strong sales of its gadgets and cloud-based products. English-made Cadbury chocolates will no longer be available in the United States, the result of a settlement between Hershey and a New Jersey-based import company. Beloved treats such as the Cadbury Creme Egg will only be sold in the U.S. using American chocolate, angering those who say the creamier... Gas prices are set to climb again after a long time due to rising wholesale prices. According to Lundberg Survey, while the national average price of gas fell 13 cents in the past two weeks to $2.07 a gallon, it could soon rise due to increased costs of crude oil in the past 10 days.
comments powered by Disqus
Follow RTT