Rowan Cos. (RDC) Posts Q4 EPS of $0.04, Before Items

November 1, 2016 6:55 AM EDT

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Rowan Cos. (NYSE: RDC) reported Q3 EPS of $0.04, which does not compare to the analyst estimate of ($0.01). Revenue for the quarter came in at $379.4 million versus the consensus estimate of $362.38 million.

Net income for the current quarter included a $34.3 million (after tax), or $0.27 per share, non-cash asset impairment charge and a $1.4 million (after tax), or $0.01 per share, credit from a litigation-related matter.

Tom Burke, President and Chief Executive Officer, commented, "While revenues are under pressure given the weak activity levels worldwide, I am pleased with Rowan's response to this cyclical downturn. Our focus on continuous improvement has once again yielded exceptional operational performance with our fifth consecutive quarter of operational downtime of less than 2% and strong safety results. We have also continued to reduce costs, allowing us to build substantial liquidity and solidify our competitive position."

For earnings history and earnings-related data on Rowan Cos. (RDC) click here.

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