Rowan Companies Q3 Profit Grows - Quick Facts

(RTTNews) - Energy services provider Rowan Companies plc (RDC) announced a rise in third-quarter 2013 net income from continuing operations to $51.9 million, or $0.42 per share, from $26.4 million, or $0.21 per share a year ago. The company said the prior-year quarter included $28.1 million of non-recurring or unusual items, or $0.18 per share after tax. On average, 39 analysts polled by Thomson Reuters expected earnings per share of $0.41 for the quarter. Analysts' estimates typically exclude one-time items.

Rowan's revenues totaled $382.8 million in the quarter, up 8% over the year-ago period's $353.9 million, supported by higher average day rates and higher utilization. Analysts estimated revenues of $381.29 million for the quarter.

The recent quarter's operating results were impacted significantly by out-of-service time and incremental repair costs due to leg damage sustained on the Gorilla VII as it was moving locations in July.

The company said in a statement, "We are encouraged by the continuing strength of the high-spec jack-up markets and expect a number of our rigs that have contracts expiring over the next year to roll to higher day rates. We are also excited about the delivery of our first of four ultra-deepwater drillships at the end of the year, and look forward to our second drillship delivery mid-2014. Both rigs are expected to go on contract approximately 90 days after delivery."