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Rowan Companies (RDC) Misses on Q1 Earnings, Beats Revenues
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Global provider of contract drilling services, Rowan Companies plc reported adjusted first-quarter 2017 earnings from continuing operations of 7 cents per share, which lagged the Zacks Consensus Estimate of 13 cents. The decline was mainly due to a considerable decline in dayrates, partially offset by higher rig utilization. The bottom line also deteriorated significantly from the year-ago quarter profit of 98 cents per share.
Total revenue was $374.3 million in the first quarter as against $500.2 million in the prior-year quarter. Revenues, however, beat the Zacks Consensus Estimate of $362.2 million.
Rowan Companies PLC Price, Consensus and EPS Surprise
The company's deepwater rigs had a dayrate of $592,100 compared with $612,400 in the year-ago quarter. Jackup rigs saw a dayrate of $135,700 as against $182,300 in the prior year.
The overall dayrate of all rigs was $203,500 compared with $266,000 in first-quarter 2016. Average utilization of the company's rigs was 75% as against 73% in the comparable quarter last year.
Total Expenses
For the quarter, the company reported $296.5 million in costs as against $332.8 million in the year-ago comparable period.
Financials
As of Mar 31, 2017, the company's cash balance was $1,173.2 million and long-term debt (including current maturities) was $2,552.5 million. The long-term debt-to-capitalization ratio was 32.4%.
Zacks Rank
Rowan carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are SunCoke Energy, Inc. (SXC - Free Report) , China Petroleum & Chemical Corporation and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can seethe complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It surpassed estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
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Rowan Companies (RDC) Misses on Q1 Earnings, Beats Revenues
Global provider of contract drilling services, Rowan Companies plc reported adjusted first-quarter 2017 earnings from continuing operations of 7 cents per share, which lagged the Zacks Consensus Estimate of 13 cents. The decline was mainly due to a considerable decline in dayrates, partially offset by higher rig utilization. The bottom line also deteriorated significantly from the year-ago quarter profit of 98 cents per share.
Total revenue was $374.3 million in the first quarter as against $500.2 million in the prior-year quarter. Revenues, however, beat the Zacks Consensus Estimate of $362.2 million.
Rowan Companies PLC Price, Consensus and EPS Surprise
Rowan Companies PLC Price, Consensus and EPS Surprise | Rowan Companies PLC Quote
Dayrates and Utilization
The company's deepwater rigs had a dayrate of $592,100 compared with $612,400 in the year-ago quarter. Jackup rigs saw a dayrate of $135,700 as against $182,300 in the prior year.
The overall dayrate of all rigs was $203,500 compared with $266,000 in first-quarter 2016. Average utilization of the company's rigs was 75% as against 73% in the comparable quarter last year.
Total Expenses
For the quarter, the company reported $296.5 million in costs as against $332.8 million in the year-ago comparable period.
Financials
As of Mar 31, 2017, the company's cash balance was $1,173.2 million and long-term debt (including current maturities) was $2,552.5 million. The long-term debt-to-capitalization ratio was 32.4%.
Zacks Rank
Rowan carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are SunCoke Energy, Inc. (SXC - Free Report) , China Petroleum & Chemical Corporation and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can seethe complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It surpassed estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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