Rowan: 2Q Earnings Snapshot
HOUSTON (AP) _ Rowan Cos. (RDC) on Wednesday reported a loss of $76.7 million in its second quarter.
On a per-share basis, the Houston-based company said it had a loss of 60 cents.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 93 cents per share.
The offshore oil and gas drilling contractor posted revenue of $241.3 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $203.8 million.
Rowan shares have decreased 7.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 5 percent. The stock has risen 24 percent in the last 12 months.