ESV - Rowan: Discussion Of Q3 Results
The earnings season for offshore drillers continues. We have already discussed the results of Ensco (ESV) here and Transocean (RIG) here. Now, it's time for fresh news from Rowan (RDC).
Rowan reported revenues of $193 million and GAAP loss of $144 million, or a loss of $1.13 per share. These results were slightly ahead of analyst estimates and provided some support for the stock on the earnings announcement date. For the first nine months of 2018, Rowan showed negative operating cash flow of $112 million. However, its cash