Diversified shipping company DryShips (DRYS) on Thursday said it has swung to a profit in fiscal 2018 from a loss last year. On a per share basis, the company earned 22 cents per share this year, compared to a loss of $1.13 a year ago.
For the fourth quarter, earnings per share grew tripled year-over-year to 6 cents per share, helped by higher shipping rates. Excluding the one-off items for the quarter, earnings improved to 9 cents per share.
The George Economou-led firm reported a 15% jump in revenue in Q4 to $49.2 million. Adjusted EBITDA for the quarter grew to $19.4 million from $9.9 million in the same period last year.
DRYS shares closed over 6% on Thursday as investors remained unhappy with the company’s share buybacks. The stock has gained over 45% in the trailing 52 weeks.
On Friday though, shares opened slightly in green during pre-market trading as some DRYS investors were willing to take the shares at the dip.
As of February 28, 2019, the Greece-headquartered firm had repurchased a total of 6,523,854 shares of its common stock for $37.3 million. DryShips added that it may repurchase up to $50.0 million of its outstanding common shares until October 29, 2019. There are currently 86,886,627 shares of common stock outstanding.
Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a
PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the
With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,