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.
Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!
Most Popular
Does Unity Software (U) stock has more room to run?
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 (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant
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
Does the virus-driven boom make Electronic Arts (EA) a good investment?
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,
One thought on “Earnings: DryShips (DRYS) docks at a profit in 2018”