Posted on August 25, 2015
By Mihir Mehta, Seeking Alpha
In just one month, drybulk shipping company DryShips (NASDAQ:DRYS) has dropped almost 45% on the stock market. This is not surprising, as the weakness in the commodity markets has taken a toll on DryShips’ financial performance of late and pushed the stock close to its 52-week lows. In fact, the company released woeful second-quarter results a couple of weeks back, with its revenue dropping 24% year-over-year.
DryShips’ revenue performance last quarter was way below expectations, even though the company’s earnings per share were in line with estimates. In comparison, in the first quarter, DryShips had posted fairly decent results in the first quarter of the year as its revenue had increased 7.6% year-over-year, though cracks in the company’s financial performance were evident as its time charter equivalent had dropped over 22%.
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