Dryships Inc. (NASDAQ: DRYS) has reported its fourth quarter earnings. The drybulk and petroleum products marine transportation services provider reported a net loss of $24.4 million, or a -$0.06 loss per share, versus a loss of -$0.34 per share a year ago. Its adjusted EBITDA of $163.7 million rose from $109.5 million a year earlier.
One of the contributing factors for the loss was from the sale of four newbuilding drybulk vessels. This loss was $76.8 million, or $0.20 per share. While revenue rose, so did its cost of financing and general expenses under SG&A.
Dryships also claims to have a backlog of $5.4 billion. Be advised that the income summary counts revenues on a combined effort as $431.35 million. Due to these numbers looking gross versus net below we have not offered them in comparison to Thomson Reuters consensus estimates.
Here is a breakdown of its quarterly segment revenues, versus the fourth quarter a year earlier:
- Drybulk carrier segment, net voyage revenues grew to $45.4 million versus $34.9 million;
- Tanker segment, net voyage revenues grew to $11.9 million versus $6.5 million;
- Offshore drilling segment, revenues from drilling contracts rose some $115.7 million to $345.5 million from $229.8 million.
George Economou, Chairman and CEO of Dryships sounds optimistic ahead, while also having admitted some challenges. He was quoted,
“We are very excited about the prospects of the shipping markets. Following a period of oversupply the recent volatility in the tanker and drybulk sectors is a clear sign of a balanced supply-demand picture. Asset prices are rising which is a strong indication of current market sentiment. We are optimistic and expect a sustainable recovery in 2014 and beyond. Currently Dryships has about 3,600 spot days in 2014 and 3,600 spot days in 2015 for its crude tanker fleet and about 9,000 spot days in 2014 and 11,900 spot days in 2015 for its drybulk fleet. Given this immediate spot exposure, Dryships is uniquely positioned to take full advantage of the imminent market recovery.”
Dryships shares did not really react in the after-hours session. We saw a gain of a penny to $3.72, after a penny gain in the regular trading session. The stock’s 52-week trading range is $1.65 to $5.00.
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