Rowan Cos. (RDC) Tops Q1 EPS by 27c
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Rowan Reports First Quarter 2016 Results
May 4, 2016 6:00 AM EDTHOUSTON, May 4, 2016 /PRNewswire/ --Â For the three months ended March 31, 2016, Rowan Companies plc ("Rowan" or the "Company") (NYSE: RDC) reported net income of $122.8 million, or $0.98 per share, compared to $123.7 million, or $0.99 per share in the first quarter of 2015.
Rowan's revenues were $500.2 million in the first quarter of 2016, down by 9% from the prior-year quarter due primarily to lower utilization of jack-up rigs. The lower jack-up utilization was partially offset by contributions from the Company's third and fourth newbuild ultra-deepwater drillships, which began operating in February and June of 2015, respectively.
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