Rowan’s Second Quarter Profits Fall, in Part Due to Delays

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Rowan Companies, Inc. (RDC:NYSE) recently announced that its second quarter income declined considerably compared to the same period last year.

In the three months ending June 30, Rowan created a net income of $44.4 million or $0.35 per share, according to a release. This was a significant drop off from the $83.4 million ($0.73 per share) generated over the same three months in 2010.

Matt Ralls, the company's president and chief executive, said that a number of factors impacted income in the second quarter.

"Our financial performance during the second quarter was significantly impacted by the effects of rig start-ups, several of which have occurred or will occur later than we expected due largely to delays related to more rigorous customer acceptance tests and regulatory approval processes and civil unrest in the Middle East," he said.

RTT News reports that Rowan's per share income was right in line with predictions of 20 analysts polled by Thomson Reuters.

Reuters reports that Rowan's stocks hit a 52-week high at $44.83 per share, with a low over that same period at $24.36.