Rowan Cos. (RDC) Misses Q4 EPS by 2c, Revenues Beat

Rowan Cos. (NYSE: RDC) reported Q4 EPS of ($1.11), $0.02 worse than the analyst estimate of ($1.09). Revenue for the quarter came in at $179.4 million versus the consensus estimate of $164.69 million.

Tom Burke, President and Chief Executive Officer, commented, "The oil markets experienced a high level of volatility at the end of last year, but have since staged a moderate recovery so far in 2019. Despite the market volatility, Rowan has been awarded a number of new drilling contracts and extensions, both for our drillships and jack-up rigs, which we believe reflects on our high-quality assets and operational performance. As we look forward to 2019, we are cautiously optimistic that oil market stability at current levels will be supportive of improvements in overall offshore rig demand."

Dr. Burke adds, "We are excited about our pending combination with Ensco, which received shareholder approval last week. The new company will be ideally positioned to benefit from the anticipated long-term improvements in offshore rig demand, with many of the best assets in the industry and a global reach to customers, while also benefiting from the substantial cost synergies that are only available as a combined entity."

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

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