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Global provider of contract drilling services Rowan Companies plc's adjusted second-quarter 2016 earnings from continuing operations came in at 75 cents per share. The bottom line comfortably beat the Zacks Consensus Estimate of 73 cents. Also, results increased from the adjusted year-ago profit level of 70 cents.
Total revenues were $611.9 million in the second quarter of 2016, up from $508.7 million in the prior-year quarter. The upside came from increase in drillship revenue. This was partially offset by a 22% decline in jackup revenue due to lower utilization and lower day rates. The top line also surpassed the Zacks Consensus Estimate of $475 million. The company reported net income of $216.7 million compared with $84.7 million in the second quarter of 2015.
Dayrates and Utilization
The company's deepwater rigs had a dayrate of $607,000 (compared with $620,200 in the year-ago quarter), and jackup rigs saw a dayrate of $164,900 (compared with $171,100).
The overall dayrate of all rigs was $239,400 compared with $221,400 in second-quarter 2015. Average utilization (excluding cold-stacked rigs) of the company's rigs was 76% versus 82% in the comparable quarter last year.
As of Jun 30, 2016, the company's cash balance was $761.4 million and long-term debt (including current maturities) was $2,645.4 million. The long term debt-to-capitalization ratio was 36.3%.
Zacks Rank and Key Stock Picks
Rowan Companies currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Murphy USA Inc. (MUSA - Free Report) , QEP Resources, Inc. and North Atlantic Drilling Limited . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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Rowan (RDC) Posts Stellar Q2 Earnings Despite Market Woes
Global provider of contract drilling services Rowan Companies plc's adjusted second-quarter 2016 earnings from continuing operations came in at 75 cents per share. The bottom line comfortably beat the Zacks Consensus Estimate of 73 cents. Also, results increased from the adjusted year-ago profit level of 70 cents.
Total revenues were $611.9 million in the second quarter of 2016, up from $508.7 million in the prior-year quarter. The upside came from increase in drillship revenue. This was partially offset by a 22% decline in jackup revenue due to lower utilization and lower day rates. The top line also surpassed the Zacks Consensus Estimate of $475 million. The company reported net income of $216.7 million compared with $84.7 million in the second quarter of 2015.
Dayrates and Utilization
The company's deepwater rigs had a dayrate of $607,000 (compared with $620,200 in the year-ago quarter), and jackup rigs saw a dayrate of $164,900 (compared with $171,100).
The overall dayrate of all rigs was $239,400 compared with $221,400 in second-quarter 2015. Average utilization (excluding cold-stacked rigs) of the company's rigs was 76% versus 82% in the comparable quarter last year.
ROWAN COS PLC Price, Consensus and EPS Surprise
ROWAN COS PLC Price, Consensus and EPS Surprise | ROWAN COS PLC Quote
Financials
As of Jun 30, 2016, the company's cash balance was $761.4 million and long-term debt (including current maturities) was $2,645.4 million. The long term debt-to-capitalization ratio was 36.3%.
Zacks Rank and Key Stock Picks
Rowan Companies currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Murphy USA Inc. (MUSA - Free Report) , QEP Resources, Inc. and North Atlantic Drilling Limited . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>