Breaking News
FONT-SIZE Plus   Neg
Share SHARE

DryShips Loss Widens, Shares Down 8% - Update

RELATED NEWS
Trade DRYS now with 

Operators of dry bulk carriers DryShips Inc. (DRYS: Quote), Wednesday reported a wider loss for the fourth quarter as revenues declined. Loss for the quarter was wider than what analysts expected, while revenues also fell short of expectations. The company's shares were down about eight percent in extended trade on the Nasdaq.

Chief Executive George Economou said, "We continue to be bearish about the short-term performance of the shipping markets. Both tanker and drybulk spot charter rates continue to hover around historic lows. Unfortunately this comes at a time when most of our lucrative legacy charters expire."

In the Drybulk business, time charter equivalent rate, a measure of the average daily revenue performance of a vessel on a per voyage basis, plunged to $10,547 from $25,306 last year. Tanker business' time charter equivalent rate was $10,062, down from 10,077 last year.

DryShips' total revenues dropped to $282.9 million from $328.2 million last year. Eight analysts had consensus revenue estimate of $294.3 million for the quarter

Voyage revenues plunged to $53.1 million from $90.5 million last year, while revenues from drilling contracts decreased to $229.8 million from $237.7 million last year.

The Athens, Greece-based marine transporter and offshore driller's loss widened to $129.8 million or $0.34 per share from $6.2 million or $0.02 last year.

Excluding special items, DryShips' net loss for the quarter was $59.9 million or $0.15 per share. Analysts polled by Thomson Reuters expected a loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.

The quarter's results included costs associated with the 10-year class survey for the Eirik Raude of $43.9 million and loss on the sale of the newbuilding tankers Esperona and Blanca of $41.3 million.

DRYS closed Wednesday's trading at $1.98, up $0.01 or 0.51%. The stock slipped $0.15 or 7.58% in after hours trade.

Register
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
Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy. FCA US, until recently known as Chrysler, said Friday it is recalling 257,000 Dodge Ram pickups. The auto maker says the rear axle pinion nut on certain model year 2005 Dodge Ram 1500 trucks may loosen due to an undersized spline on the pinion gear. If the pinion nut loosens, the rear axle may... This medical device company has a very impressive track record of growing business over the past decade. increasing sales from $490.2 million in 2004 to $1.72 billion this year. The Silicone Hydrogel daily disposable lens portfolio constitutes a major avenue for growth.
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.