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Rowan profit beats Street on higher rig rates, utilization
August 2, 2012 / 2:15 PM / 5 years ago

Rowan profit beats Street on higher rig rates, utilization

* Q2 adj EPS $0.51 vs est $0.50

* Q2 rev up 57 pct at $351 mln

Aug 2 (Reuters) - Drilling services provider Rowan Cos Plc posted a better-than-expected quarterly profit on better rates for its rigs and higher utilization.

Second-quarter net income fell to $49.4 million or 40 cents per share from $465.9 million, or $3.65 per share, a year earlier.

Excluding items, the company earned 51 cents per share.

The prior-year quarter included income from discontinued manufacturing and land drilling operations of $421.5 million.

Revenue rose 57 percent to $351 million.

Analysts had expected earnings of 50 cents a share, on revenue of $341.15 million, according to Thomson Reuters I/B/E/S.

Rowan shares were down 2 percent at $35.08 in early trading on Thursday on the New York Stock Exchange.

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