- DryShips Inc., which owns and operates a fleet of drybulk carriers, said its fourth-quarter earnings soared more than fivefold as its expanded fleet benefited from significantly higher vessel rates.
- The company said after the market closed Thursday it earned $195.2 million, or $5.37 per share, compared with a year-ago profit of $35.9 million, or $1.02 per share. The 2007 period included a vessel sale gain of $31.5 million, or 87 cents per share. Excluding this gain, net income was $163.7 million, or $4.50 per share.
- Voyage revenue nearly tripled to $233.4 million, from $79.1 million in the prior-year period.
- Analysts expected profit of $4.04 per share on revenue of $208.8 million, according to a poll by Thomson Financial.
- The company said it owned and operated an average of 36 vessels during the 2007 fourth quarter, earning an average time charter equivalent rate of $67,587 per day. In the 2006 fourth quarter, DryShips owned and operated an average of 34 vessels, which earned an average time charter equivalent rate of $24,466 per day.
Technically the chart is quite nice, but I am going to see if I can get lucky and get the stock to pull back to it's 200 day moving average near $65. Probably is asking too much but no need to take outsized risk in this type of market. I could buy it at $80 and be $15 down within a few days.
No position in fund; long DryShips in personal account
2 comments:
DRYS EPS is expected to double in 2008. I bought in January in the low 50's and at $61'ish, but was stopped out before it made it's run. I'm also tracking this closely, looking for an opportunity to restart a position.
-BD
I actually bought it here for personal account near $81. Will give it a whirl. My time frame there is much shorter than for the fund... i.e. I'll be happy to exit at $90 in my real account :)
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