Rowan Companies Q4 Adj. Profit Meets View, Revenues Beat - Quick Facts

(RTTNews) - Rowan Companies plc (RDC) reported net loss for the fourth quarter of $326.9 million or $2.63 per share, compared to net income of $49.7 million or $0.40 per share in the year-ago period.

The latest quarter includes a non-cash asset impairment charge of $438.4 million, after tax, or $3.53 per share, relating to twelve of the company's oldest jack-up rigs. The prior-year period's results included a non-cash asset impairment charge of $2.9 million, after tax, or $0.02 per share.

Excluding the charges, adjusted earnings for the latest quarter were $0.89 per share, compared to $0.42 per share in the year-ago quarter. On average, thirty analysts polled by Thomson Reuters expected the company to report earnings of $0.89 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter grew 41 percent to $556.2 million from $393.4 million in the same period last year. Analysts had a consensus revenue estimate of $529.90 million for the quarter.

The increase in revenues for the quarter was due primarily to the commencement of two of the company's newbuild ultra-deepwater drillships, less out-of-service time for jack-up rigs, and slightly higher average day rates.

Tom Burke, President and Chief Executive Officer, said, "We believe that with our high-specification assets, strong operational performance, continued cost control focus and financial strength, we are in a good position to weather the current downturn in our industry."