DryShips Earnings: Here’s Why the Stock is Up Now
DryShips, Inc. (NASDAQ:DRYS) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.53%.
DryShips, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.05 in the quarter versus EPS of $0.01 in the year-earlier quarter.
Revenue: Decreased 0.01% to $336.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: DryShips, Inc. reported adjusted EPS loss of $0.05 per share. By that measure, the company beat the mean analyst estimate of $-0.07. It beat the average revenue estimate of $329.57 million.
Quoting Management: George Economou, Chairman and Chief Executive Officer of the Company, commented:
“We continue to be defensive about the short-term prospects of the shipping markets. Asset prices seem to be holding up but we do not expect any positive development in drybulk and tanker charter rates this year. As a result we have focused this year on reducing our breakeven levels. We lowered our newbuilding capital expenditures significantly and are now focusing on other areas.”
Key Stats (on next page)…