Earnings Report: DryShips Inc. Reports Q1 Net Gains of $10.7M

DryShips Inc. (NASDAQ:DRYS) reported Q1 earnings Wednesday, showing net income of $5.7 million, or $0.01 per share.

Net gains were $10.7 million, or $0.04 per share.

Losses incurred on interest rate swaps were $34.6 million, or $0.14 per share.

"We are pleased to have another quarter of solid operating results with our charters on both the drybulk and drilling units performing as per expectations," said company chairman and CEO George Economou. "The construction of the four new building drillships at Samsung Heavy Industries continues to be on schedule and on budget. We are making progress on both fronts and especially on the financing front where we are pursuing a couple of debt alternatives that appear to be promising."

Shares of DryShips closed trading down 2.68% today at $5.60.

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