DryShips (DRYS) Q3 Loss Widens and Revenues Deteriorate
DryShips Inc. DRYS recently reported disappointing third-quarter 2015 financial numbers with both earnings and revenues declining year over year.
Quarterly GAAP net loss was $820.3 million or $1.23 per share compared with a loss of $16.3 million or 4 cents in the year-ago quarter. However, the company reported adjusted loss per share of 3 cents in the quarter under review. Meanwhile, quarterly total revenue stood at $51 million compared with $602 million in the year-ago quarter.
Operating loss in the reported quarter was $825.2 million against operating income of $183 million in the third quarter of 2014.
At the end of the third quarter of 2015, DryShips had $111.6 million of cash & cash equivalents and $327.5 million of outstanding debt on its balance sheet compared with $658.9 million and $5,517.6 million, respectively, at the end of 2014. Meanwhile, the debt-to-capitalization ratio stood at 0.83 compared with 0.44 at the end of 2014.
Drybulk Carrier Segment
The Drybulk Carrier segment generated $35.3 million in revenues, down 27.4% year over year. Time charter equivalent (TCE) revenues totaled $30 million, down 22.1% from the year-ago quarter. TCE rate was pegged at $8,938, highlighting a decline of 45.4% year over year. Total voyage days for fleet were 3,357, down 5.2% from the year-ago quarter.
Oil Tanker Segment
The Tanker segment generated $15.4 million in revenues, down 59.4% year over year. TCE revenues came in at $8.5 million, down 55.7% from the prior-year quarter. TCE rate stood at $25,341, up 21.2% year over year. Total voyage days for fleet were 334, down 63.7% year over year.
Even though DryShips performed disappointing in the third quarter, there are other stocks like Alaska Air Group, Inc. ALK, Virgin America VA and Hawaiian Holdings, Inc. HA that revealed impressive third-quarter numbers.
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