The company's net loss narrowed year-over-year to $5.6 million, or a penny a share, from $18.2 million, or 5 cents a share. Revenue totaled $497.3 million for the quarter, divided into $441.4 million for the offshore drilling segment, $41.7 million for the drybulk carrier segment and $14.2 million for the tanker segment. Analysts expected a loss of 6 cents a share on revenue of $491.55 million.
The stock was up 6.67% to $2.88 at 5:18 p.m.
Separately, TheStreet Ratings team rates DRYSHIPS INC as a "hold" with a ratings score of C-. TheStreet Ratings 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 robust revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and weak operating cash flow."
You can view the full analysis from the report here: DRYS Ratings Report