This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

DryShips Posts Shipshape Quarter

ATHENS ( TheStreet) -- DryShips (DRYS - Get Report) posted better-than-expected results Monday, largely on the back of some efficient management of its ships during the third quarter.

Although the company's bottom line in the period was hurt by a nearly $40 million decline in the value of interest rate swaps it had purchased as a hedging tool, the company said that, excluding the write-down, it would have registered net income of $74.9 million, or 27 cents a share, in the quarter.

Wall Street analysts, who typically strip out these kinds of items from their estimates, were expecting a per-share profit of 20 cents a share.

Because DryShips has issued a tremendous amount of equity since the beginning of the year in a bid to raise money to pay down a significant debt load amassed during the boom years, EPS comparisons with 2009 aren't as informative. A year ago, before the financial meltdown and recession destroyed shipping rates, the company earned $180 million, or $4.13 a share.

Revenue, meanwhile, declined 30% to $228 million in the just-ended quarter from $328 million a year ago. That's slightly better than the consensus Wall Street target of about $211 million.

DryShips' recent and uncharacteristic move to tie up its fleet into long-term charters meant that nearly 100% of its 39 drybulk vessels didn't need to seek out employment in the volatile spot market during the quarter. The fleet is "virtually fully fixed for the remainder of 2009 and 2010," the company said.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
DRYS $0.16 0.00%
AAPL $117.81 0.00%
FB $105.45 0.00%
GOOG $750.26 0.00%
TSLA $231.61 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs