DryShips 4Q earnings rise 56 percent |
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Thu, 01 Mar 2007 00:36
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NEW YORK (AP) - DryShips Inc., an Athens, Greece-based marine transportation company that specializes in dry bulk cargo, said Wednesday its fourth-quarter profit rose 56 percent, boosted by the sale of a vessel and more ships under operation.Quarterly earnings increased to $35.9 million, or $1.02 per share, from $23 million, or 76 cents per share, during the same period in 2005. The company had nearly 5 million more shares outstanding in the quarter than it did in the year-ago period.Excluding a gain of $8.6 million, or 24 cents per share, related to the sale of a vessel, the company earned $27.3 million, or 77 cents per share, in the latest quarter.Revenue grew 28 percent to $79.1 million from $61.7 million during the same period a year earlier.Analysts polled by Thomson Financial forecast a profit of 69 cents per share on revenue of $73.1 million.The company said it operated an average of 33.86 vessels during the quarter at an average daily charter of rate of $24,466, compared with an average of 27 vessels at a daily rate of $23,981 last year. Vessel operating expenses rose 21 percent to $14.4 million from $11.9 million, reflecting more ships in its fleet.Annual earnings decreased 49 percent to $56.7 million, or $1.75 per share, from $111 million, or $3.83 per share, in 2005. Excluding special items the company earned $70.6 million, or $2.18 per share, in 2006.Revenue rose 9 percent to $248.4 million from $228.9 million in 2005.Shares of DryShips rose 50 cents, or 2.6 percent, to $19.50 in after-hours electronic trading, having closed earlier at $19 on the Nasdaq Stock Exchange. The stock has traded in a 52-week range of $8.50 to $20.50.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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