DryShips posts 71% quarterly growth in net profit By Mike Maynard Last update: 6:17 a.m. EST Nov. 3, 2008 WASHINGTON (MarketWatch) -- DryShips Inc. (DRYS 19.25, +2.08, +12.1%) reported third-quarter net income of $180 million, or $4.21 a share, up from $105.3 million, or $2.97 a share, earned in the same period during 2007. The latest quarter's profit included a capital gain of $65.8 million on the sale of two vessels as well as a non-cash loss of $36.8 million associated with the valuation of interest-rate swaps. Excluding these, the Athens-based drybulk carrier said it would have earned $151 million, or $3.53 a share. The consensus of eight analysts surveyed by FactSet Research had been for a quarterly profit of $3.80 a share. Revenue jumped to $329 million in the latest quarter, including $89 million generated from drilling contracts, up from the prior year's $150 million. "The lack of financing of global trade has temporarily brought the spot market to a virtual standstill but we expect this situation to normalize as the credit crunch subsides," said George Economou, chairman and chief executive of DryShips. http://www.marketwatch.com/News/Story/Story.aspx?guid=%7bE8C84C91-C844-465B-AD89-FE65DFAD1F0E%7d&siteid=yhoof2
I was wondering if a spinoff might be announced with earnings. No such luck. December earnings will stink big time, maybe do the spinoff then?
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