DryShips Loss Narrows, Yet Misses Estimate; Stock Down 4% - Quick Facts

(RTTNews) - Greece-based DryShips Inc (DRYS) Thursday reported first-quarter net loss of $34.6 million or $0.08 per share compared with a loss of $116.6 million or $0.30 per share last year.

Results for the recent quarter included non-cash write-offs and redemption costs of $32.6 million or $0.08 per share associated with senior unsecured notes.

Excluding items, adjusted loss for the recent quarter was $15.2 million or $0.04 per share.

Revenues for the quarter were $457.5 million compared with $319.7 million in the prior year.

Analysts polled by Thomson Reuters estimated breakeven earnings per share on revenues of $445.6 million for the quarter. Analysts' estimates typically exclude special items.

The company said that while charter rates for larger drybulk carriers under-performed during the recent quarter, forward charter rates and asset prices are holding up resiliently, underscoring the bullish market sentiment.

DryShips expects a sustainable recovery in charter rates during the second half of 2014 and beyond.

DryShips provides ocean transportation services for drybulk and petroleum cargoes, and offshore drilling services.