Rowan in 3Q loss. CEO pleased with ARO JV, downplays M&A rumors

Offshore driller Rowan reported a net loss of $20.9 million in the third quarter of 2017, compared to net income of $5.5 million. Revenues for the quarter were $291.61 million, down from $379.4 million a year ago.

According to Associated Press, despite the loss, the results still exceeded analysts’ expectations. They expected a loss of 42 cents per share, but Rowan said  it had a loss of $0.17 per share. Also, according to AP, seven analysts surveyed by Zacks expected $276.4 million, and Rowan came in with $291.6 million.

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