) declared lackluster first-quarter 2014 financial results.
Quarterly GAAP net loss came in at $34.6 million or 8 cents per
share compared with a loss of $116.6 million or 30 cents per share
in the year-ago quarter. However, loss per share of 4 cents
compared unfavorably with the Zacks Consensus Estimate of a profit
of 2 cents. Quarterly total revenue was $457.5 million, up 43.1%
year over year. However, the figure lagged the Zacks Consensus
Estimate of $489 million.
Quarterly total operating expenses stood at $257.8 million, up
24.8% year over year. This was mainly due to higher drilling rig
operating expenses. Operating income in the reported quarter stood
at $90.8 million compared with an operating loss of $44.9 million
in the prior-year quarter. Adjusted EBITDA was $201.2 million as
against $112 million in the year-ago quarter.
At the end of the first quarter of 2014, DryShips had $887.6
million of cash & cash equivalents and $5,976.3 million of
outstanding debt on its balance sheet compared with $739.3 million
of cash and cash equivalents and $5,568 million of outstanding debt
at the end of 2013. The debt-to-capitalization ratio stood at 0.60
compared with 0.59 at the end of 2013.
Drybulk Carrier Segment
The Drybulk Carrier segment generated $53.4 million in revenues, up
17.4% year over year. Time charter equivalent revenues totaled
$45.3 million, up 22.8% from the year-ago quarter. Time charter
equivalent TCE rate was $13,564, up 19% year over year. Total
voyage days for fleet stood at 3,338, up 3% from the year-ago
Oil Tanker Segment
The Tanker segment generated $43.3 million in revenues, up 55.8%
year over year. Time charter equivalent revenues came in at $22.3
million, up by a whopping 106.5% from the prior-year quarter. Time
charter equivalent TCE rate was $24,781, up 93.7% year over year.
Total voyage days for fleet grossed 900, up 6.1% year over year.
Offshore Drilling Segment
Quarterly revenues from Drilling contracts totaled approximately
$360.8 million, up 46.4% year over year. At the end of the first
quarter, this segment had an order backlog of $5 billion.
Other Stocks to Consider
DryShips currently has a Zacks Rank #4 (Sell). Other better-ranked
stocks in the shipping industry are
Global Ship Lease, Inc.
Kirby Corporation (
Nordic American Tankers Limited
). All three stocks currently sport a Zacks Rank #2 (Buy).
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