DryShips Swings to 2Q Profit

Tuesday August 21, 5:57 pm ET 

DryShips Swings to 2nd Quarter Profit on Increased Voyage Revenue, Capital Gain

NEW YORK (AP) -- Drybulk shipper DryShips Inc. said Tuesday it swung to a profit in the second quarter, on an increase in voyage revenue and capital gains from a vessel sale.

Net income rose to $110.2 million, or $3.11 per share, compared with a loss of $808,000, or 3 cents per share, in the year-ago period.

Second-quarter results included a capital gain of $53.8 million from the sale of five vessels. Excluding that gain, net income would have been $56.4 million, or $1.59 per share.

Voyage revenue rose to $112.5 million from $54.5 million.

Analysts polled by Thomson Financial expected, on average, earnings of $1.34 per share on revenue of $98.7 million.

Shares of Greece-based DryShips rose $3.18, or 5.7 percent, to $59.32 in aftermarket activity. In the regular trading session, shares added $1.89, or 3.5 percent, to $56.14. The stock has ranged from $11.84 to $65.38 over the past year.