Boston, MA 08/07/2014 (wallstreetpr) – DryShips Inc. (NASDAQ:DRYS) posted its Q2 2014 financial results. Market experts were expecting the company to post a significant loss, but DRYS did better than their expectations. The main reason behind the excellent performance of the company is but the extraordinary business in all three departments i.e. Drybulk Carrier, Offshore Drilling and Oil Tanker. As soon as DryShips Inc. (NASDAQ:DRYS) reported the financial results, share price of its stocks went up by 7.04% in aftermarket trade on NASDAQ.
Quick Glance at Financial Results:
DRYS posted a net GAAP loss of 1 cent per share or $5.6 million for Q2 2014 which was less than the loss (2 cents per share or total $18.2 million) that it had to bear a year ago. According to Zacks Consensus Estimate the loss figure should have been around 5 cents per share in the Q2 2014, but DRYS did pretty well to keep the loss figure well below the market’s expectations. DRYS did pretty well in terms of quarterly revenue figures. According to reports, the total revenues earned by the company touched a hefty figure of $527.7 million in comparison to Zacks Consensus Estimate of $434 million. DryShips Inc. (NASDAQ:DRYS) grew at an unbelievable rate of 57% on YOY basis which was an amazing performance, especially in such fluctuating global market conditions.
The main reason behind company’s negative profits year on year is but the operating cost. DryShips Inc. (NASDAQ:DRYS) is not able to control its operating expenses which lead to loss. In the Q2 2014, its operating expenses were totaled at $396.8 million. If you compare this figure with last year’s, then you can clearly see a growth rate of 33.6%. One of the major reasons behind increased operating cost is higher drilling rig operating cost. DRYS managed to post $39.1 million as operating income in Q1 while the OE touched $130.9 million mark in Q2, which was a positive point from DRYS’ point of view.
