Rowan Companies (RDC) Incurs Narrower-than-Expected Q2 Loss
Zacks Investment Research | Aug 02, 2017 10:00PM ET
Contract drilling service provider, Rowan Companies plc (NYSE:RDC) reported better-than-expected second-quarter 2017 results owning to recent contract awards along with lower costs and expenses, partially offset by slow industry recovery, fall in dayrates and average utilization.
The company’s adjusted second-quarter 2017 loss from continuing operations was 25 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 32 cents per share. The bottom line deteriorated significantly from the year-ago quarter profit of 75 cents per share.
Total revenue was $320 million in the second quarter compared with $612 million in the prior-year quarter. Revenues, however, beat the Zacks Consensus Estimate of $300 million.
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