* 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 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
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
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
(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by
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