WASHINGTON (dpa-AFX) - Rowan Companies Inc. (RDC) announced that its first-quarter net income totaled $49.5 million or $0.40 per share, up from $32.1 million or $0.25 per share in the first quarter of 2011.
Net income from continuing operations was $55.5 million or $0.45 per share, compared to $26.8 million or $0.21 per share in the first quarter of 2011.
Rowan's revenues were $333.5 million in the first quarter of 2012, up by 62% over the prior-year quarter due primarily to incremental activity from fleet additions and higher utilization of existing rigs between periods.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share on revenues of $315.07 million for the quarter. Analysts' estimates typically exclude special items.
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