Updated to include DryShips' financial resultsATHENS, 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.
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