* 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.