By early afternoon, shares had taken off 5.4% to $3.51.
In the three months to December, the deep-sea freighter recorded a net loss of 6 cents a share. Analysts surveyed by Yahoo! Finance had anticipated a net loss of 1 cent a share.
Revenue of $431.3 million was 52.5% higher year on year and was in line with analyst consensus.Drybulk shippers have suffered choppy trading conditions over the last few months on falling shipping rates for cargo. Year to date, DryShips has fallen 25.3%. However, CEO George Economou sees a turnaround in the making. "Following a period of oversupply the recent volatility in the tanker and drybulk sectors is a clear sign of a balanced supply-demand picture. Asset prices are rising which is a strong indication of current market sentiment. We are optimistic and expect a sustainable recovery in 2014 and beyond," said Economou in a statement. Earlier in the month, the Athens-based business announced the approval of loan amendments to its July 2013 credit agreement. Its $1.9 billion loan facility will not mature any earlier than the third quarter of 2020. Must Read: DryShips Secures Loan Amendments to Help Right Operations TheStreet Ratings team rates DRYSHIPS INC as a Hold with a ratings score of C-. The team has this to say about their recommendation: "We rate DRYSHIPS INC (DRYS) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."
- You can view the full analysis from the report here: DRYS Ratings Report
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