Updated to include DryShips' financial results

ATHENS, Greece ( TheStreet) -- DryShips ( DRYS) may have righted a ship that seemed to be teetering only a few quarters ago.

The dry-bulk shipper and deepwater drill-ship operator reported earnings of 18 cents a share, or $49 million. Excluding items, though, the income number would have come $99 million, or 38 cents, which easily bested the consensus Wall Street estimate of 25 cents a share.

Investors bid up DryShips shares by 7% in aftermarket trading to $5.57.

Quarterly revenue inched higher by 1.4% to $225.2 million from a year ago, but that's better than the $217 millon analysts were expecting, on average.

The company finally made good this fall on promises regarding its long-floundering drilling business, inking contracts on several vessels that had still required financing.

DryShips CEO George Economou issued a rosy outlook on that score as well, saying in a prepared statement, "The ultra deepwater market has turned a corner in the last couple of months and we believe that current enquiry from operators matches or may even exceed the supply available in 2011."

During the regular session, FreeSeas ( FREE) shares fell 4.8% after the operator of drybulk carriers posted a net loss of $9.5 million, or $1.51 per share, for the third quarter, compared with a profit of $465,000, or 8 cents per share, in the year-earlier period.

FreeSeas' revenue pushed up 5.3% to $13.8 million.

Paragon Shipping ( PRGN) closed the day 0.8% lower following unfavorable broker action.

Analysts from Cantor Fitzgerald maintained a buy rating on Paragon but lowered their price target on the stock by $1 to $5.

If you liked this article you might like

Adobe Systems, Salesforce.com, Cummins: 'Mad Money' Lightning Round

The Kids Are Taking Over the World: Cramer's 'Mad Money' Recap (Thursday 5/11/17)

DryShips Stock Rises After Paying Off its Commercial Loan Facility

Matson Buyers Will Have to Be Patient

How to Play a Challenging and Rising DryShips