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DryShips 3Q Profit Swells, Beats Views
Associated Press 11.06.07, 5:43 PM ET
Greek drybulk shipper DryShips Inc. said Tuesday its third-quarter earnings ballooned, beating Wall Street's expectations, on soaring charter rates for its vessels.

The company earned $103.5 million, or $2.92 per share, compared with $3.5 million, or 11 cents per share, in the year-ago quarter.

Adjusted to exclude a one-time gain from the sale of two vessels, the company earned $84.3 million, or $2.38 per share.

Voyage revenue more than doubled to $150 million from $60 million in the prior-year period.

Analysts expected a profit of $2.34 per share on revenue of $139.3 million, according to a poll by Thomson Financial

DryShips (nasdaq: DRYS - news - people ) attributed its soaring profit to the number of its vessels operating in the spot market, where charter rates have skyrocketed in the past year.

Shares fell $2.98, or 2.6 percent, to $113 in aftermarket electronic trading. Earlier, the stock rose $10.06, or 9.5 percent, to close at $115.98 in the regular session.