Rowan Companies plc’s RDC adjusted second-quarter 2015 earnings from continuing operations came in at 70 cents per share that comfortably beat the Zacks Consensus Estimate of 55 cents. Quarterly earnings also increased substantially from the adjusted year-ago profit level of 33 cents.
Total revenue increased 20.3% year over year to $508.7 million in the reported quarter. The top line surpassed the Zacks Consensus Estimate of $505.0 million as well.
Dayrates and Utilization
The company’s Gulf of Mexico rigs had a dayrate of $87,200 (as against $156,900 in the year-ago quarter), the Middle East rigs saw a dayrate of $128,400 (compared with $141,400 in the prior-year quarter) and North Sea rigs’ dayrate was $269,100 (as against $290,500 in the year-earlier quarter).
The overall dayrate of all jackup rigs was $171,100 (compared with $177,500 in second-quarter 2014). Average utilization of the company’s rigs was 82% as against 85% in the comparable quarter last year.
Financials
As of Jun 30, 2015, the company’s cash balance was $198.6 million and long-term debt (including current maturities) was $2,806.9 million. The debt-to-capitalization ratio was 36.5% as against 36.2% in the prior quarter.
Zacks Rank
Currently, Rowan Companies carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy sector are Seadrill Partners, LLC SDLP, CVR Refining, L.P. CVRR and Valero Energy Partners, L.P. VLP. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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