Rowan Cos. (RDC) Tops Q3 EPS by 9c

Rowan Cos. (NYSE: RDC) reported Q3 EPS of $0.63, $0.09 better than the analyst estimate of $0.54. Revenue for the quarter came in at $467.7 million versus the consensus estimate of $465.3 million.

Tom Burke, President and Chief Executive Officer, commented, "We are reasonably pleased with our third quarter operating results. During the quarter we added $1.2 billion of new contract backlog, principally from four jack-up contract extensions with Saudi Aramco. Our second newbuild ultra-deepwater drillship, the Rowan Resolute commenced operations in the US Gulf of Mexico in October and we will take delivery of our third newbuild drillship, the Rowan Reliance, in Korea this week. As we look forward, we are expecting our revenues to increase in 2015 as our newbuild drillships are added to the fleet.

We are seeing softness in jack-up and deepwater markets worldwide. Notwithstanding these challenging conditions, we continue to believe that our strategy of operating high-specification drillships and jack-ups, along with our conservative financial profile and focus on cost control, place us in a good competitive position."

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

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