Rowan Q3 Earnings Soar, Results Surpass Estimates; Sees Revenue Growth In 2015

(RTTNews) - Rowan Companies plc (RDC), benefiting from the launch of its first ultra-deepwater drillship, Wednesday reported a rise in third-quarter earnings which, along with revenues, topped analysts' estimates.

The company also said it clocked less out-of-service time for its jack-up rigs.

Net earnings were $119.6 or $0.96 per share, up from $51.9 million or $0.42 per share a year earlier.

Excluding a $41 million tax benefit, earnings of $0.63 per share beat the $0.54 average estimate of twenty-nine analysts polled by Thomson-Reuters. Analysts' estimates typically exclude one-time items.

Revenues increased to $467.7 million, from $382.8 million last year, above the $465.42 Wall Street expected.

Looking ahead, the company sees the addition of newbuild drillships to its fleet leading to higher revenues in 2015.