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Losing Stock Today - (NYSE:RDC) Net Income falls 31%
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Rowan Companies, Inc. (NYSE:RDC) rose marginally to $23.38 after it said its third-quarter net income fell to $78.4 million or 69 cents a share, from $114.1 million or $1 a share in the year-ago period. Excluding a tax benefit, earnings totaled 54 cents a share in the latest quarter. Revenue dropped 18% to $1.23 billion. Wall Street analysts expected earnings of 51 cents a share and revenue of $1.28 billion, according to a survey by FactSet Research. "While excess rig supply has, and will likely continue to, put pressure on day rates, we believe global demand for jack-ups and land rigs bottomed during the third quarter," the company said.
Rowan Companies, Inc. (Rowan) is a provider of international and domestic contract drilling services. Rowan also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.
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