Dryships, Inc. DRYS reported quarterly earnings a couple of days ago and this one-time high flyer continues to struggle with revenues and earnings. 2nd quarter earnings net of one-time items were 25¢ per share compared to $6.95 a year earlier. Total earnings fell to $52.8 million from just under $300 million. This is a 82% decrease. Earning per share, however, fell 97%. That is some serious dilution.
Drybulk revenues fell 59% to $99.9 million compared to Q2 2008. Dryships completed its purchase of Ocean Rig in the 2nd quarter of 2008 and a year later the segment kicked in $103.6 million in revenue. The addition does not seem to be adding much to the bottom line.
To me Dryships is an overleveraged, over diluted symbol of what can go wrong with aggressive, bank financed growth. Those who think this stock can return to the glory days of early 2008 will be waiting a long time.
Dryships reports quarterly earnings
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Dryships, Inc. DRYS reported quarterly earnings a couple of days ago and this one-time high flyer continues to struggle with revenues and earnings. 2nd quarter earnings net of one-time items were 25¢ per share compared to $6.95 a year earlier. Total earnings fell to $52.8 million from just under $300 million. This is a 82% decrease. Earning per share, however, fell 97%. That is some serious dilution.
Drybulk revenues fell 59% to $99.9 million compared to Q2 2008. Dryships completed its purchase of Ocean Rig in the 2nd quarter of 2008 and a year later the segment kicked in $103.6 million in revenue. The addition does not seem to be adding much to the bottom line.
To me Dryships is an overleveraged, over diluted symbol of what can go wrong with aggressive, bank financed growth. Those who think this stock can return to the glory days of early 2008 will be waiting a long time.