Rowan Q1 Profit Decreases - Quick Facts

(RTTNews) - Rowan Companies plc (RDC) reported that its first-quarter net income from continuing operations decreased to $55.6 million, or $0.45 per share, from $68.1 million, or $0.55 per share, prior year. Total earnings per share was $0.48, compared to $0.55. The company noted that its current quarter reflects a settlement gain related to a rig collision during 2012 which increased net income from continuing operations by $20.9 million, or $0.17 per share. Excluding this impact, net income from continuing operations for the first quarter of 2014 was $34.7 million, or $0.28 per share.

On average, 32 analysts polled by Thomson Reuters expected the company to report profit per share of $0.21 for the quarter. Analysts' estimates typically exclude special items.

Revenues were $377.6 million, down 4% from the prior-year quarter due primarily to slightly lower utilization, the company said. Rowan's revenues and operating results were significantly impacted by the previously disclosed out-of-service periods for the Gorilla VI and Gorilla VII. Analysts expected revenue of $375.38 million for the quarter.