WASHINGTON (dpa-AFX) - Contract drilling services provider Rowan Companies plc (RDC) Wednesday reported higher profit for the first quarter on improved revenue mainly on the back of higher average day rates, incremental activity from fleet additions and higher utilization for existing rigs between periods. Earnings per share were higher than analyst estimates.
For the quarter the firm posted net income of $68.1 million, up from $49.5 million last year. On a per share basis earnings were $0.55 versus $0.40 a year earlier.
Thirty six analysts on average polled by Thomson Reuters estimated earnings per share of $0.53 for the period. Analyst estimates typically exclude one-time items.
The company clocked a revenue of $394.2 million, up from $333.5 million last year. Analysts were looking for lower revenue of $386.49 million for the quarter.
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