Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: Revenue was up slightly to $225.5 million in the third quarter, but net income shot up 57% to $49.3 million, or $0.18 per share. CEO George Economou credited the company's move into deepwater drilling for the increased profitability.
Now what: As economic activity picks up, dry bulk carriers like DryShips will benefit, and higher oil prices are only driving demand for the company's new deepwater drilling rigs. We know that many a Fool thinks the CEO less than honest, but at least for the day, the market has forgotten his troubles. I may be brave enough to throw a few silver coins at DryShips, given the profitability of deepwater drilling, but be careful jumping aboard with both feet. The captain may just throw you overboard.
Interested in more info on DryShips? Add it to your watchlist.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.