UPDATE 1-Rowan Cos Q1 profit tops Street

Tue May 4, 2010 8:41am EDT

* Q1 adj EPS $0.81 vs est $0.74

* Revenue down 13 pct to $432.4 mln, trails est

* Realized higher dayrates in Q1 for its offshore rigs

May 4 (Reuters) - Contract driller Rowan Cos Inc (RDC.N) reported a quarterly profit that beat analysts' estimates, boosted by higher dayrates for its offshore rigs.

Net income for the quarter was $64.6 million, or 56 cents a share, compared with $131.7 million, or $1.16 a share, in the year-ago quarter.

Excluding an inventory-related charge at its manufacturing unit, the company earned 81 cents a share.

Revenue fell 13 percent to $432.4 million, hurt by lower utilization levels.

Analysts on average were expecting earnings of 74 cents a share, before special items, on revenue of $452.0 million, according to Thomson Reuters I/B/E/S.

The company realized an average dayrate of $183,200 for its offshore rigs, a 6 percent rise over last year, and said currently all of its high-specification rigs are contracted.

Shares of the Houston-based contract drilling services provider closed at $30.24 Monday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Anne Pallivathuckal) (thyagaraju.adinarayan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: thyagaraju.adinarayan.reuters.com@reuters.net))