*Q2 adjusted shr $0.25 vs. estimate of $0.23 *Q2 total revenue down 30 pct *Stock up as much as 6 pct in after market trade
July 30 (Reuters) - DryShips Inc reported better-than-expected quarterly earnings, helped by recent rise in spot charter rates and increased contribution from its offshore drilling segment, sending its shares up as much as 6 percent in trading after the bell.
For the second quarter of 2009, the company reported a net profit of $52.8 million, or 24 cents a share, compared with $299.8 million, or $6.95 a share, last year.
Excluding items, the drybulk shippers' earnings for the latest quarter was 25 cents a share. Analysts, on average, had expected earnings of 23 cents a share, according to Reuters Estimates.
Total revenue fell 30 percent to $210.5 million, hurt by the crash in charter rates from last year. Analysts had forecast revenue of $202.9 million.
However, charter rates have been rebounding from their lows.
Dayrates for capesize ships -- the largest type of ships that are used to transport commodities such as iron ore and coal -- averaged about $40,000 a day for the second quarter, double the first quarter average of about $20,000.
Shares of the company closed at $6.72 Thursday on the Nasdaq. They were trading up at $6.95 in after hours trade.
(Reporting by Hezron Selvi in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: DRYSHIPS/ (hezron.selvi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging; hezron.selvi.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
July 30 (Reuters) - DryShips Inc reported better-than-expected quarterly earnings, helped by recent rise in spot charter rates and increased contribution from its offshore drilling segment, sending its shares up as much as 6 percent in trading after the bell.
For the second quarter of 2009, the company reported a net profit of $52.8 million, or 24 cents a share, compared with $299.8 million, or $6.95 a share, last year.
Excluding items, the drybulk shippers' earnings for the latest quarter was 25 cents a share. Analysts, on average, had expected earnings of 23 cents a share, according to Reuters Estimates.
Total revenue fell 30 percent to $210.5 million, hurt by the crash in charter rates from last year. Analysts had forecast revenue of $202.9 million.
However, charter rates have been rebounding from their lows.
Dayrates for capesize ships -- the largest type of ships that are used to transport commodities such as iron ore and coal -- averaged about $40,000 a day for the second quarter, double the first quarter average of about $20,000.
Shares of the company closed at $6.72 Thursday on the Nasdaq. They were trading up at $6.95 in after hours trade.
(Reporting by Hezron Selvi in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: DRYSHIPS/ (hezron.selvi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging; hezron.selvi.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.