ROWAN: GROWTH FINISHED?
ROWAN COMPANIES published 4th Quarter and Full Year 2013 results:
REVENUE:
- Q4-2013 to Q4-2012: growth from $ 354.2 M to $ 393.4 M, $ 39.2 M, 11.1%;
- 2013 to 2012: growth from $ 1.392 B to $ 1.579 B, $ 187 M, 13.4%.
OPERATING INCOME:
- Q4-2013 to Q4-2012: $ 60.5 M to $ 60.5 M, $ 0, 0%;
- 2013 to 2012: growth with $ 255 M to $ 331.7 M, $ 76.7 M, 30.1%;
NET INCOME:
- Q4-2013 to Q-4 2012: down from $ 54.1 M to $ 49.7 M, $ 4.4 M, 8.1%;
- 2013 to 2012: growth from $ 180.6 M to $ 252.6 M, $ 72 M, 39.9%.
ROWAN COMPANIES PLC |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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Unaudited (In Millions Except Per Share Amounts) |
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THREE MONTHS |
TWELVE MONTHS |
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ENDED DECEMBER 31 |
ENDED DECEMBER 31 |
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2013 |
2012 |
2013 |
2012 |
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REVENUES |
$ 393.4 |
$ 354.2 |
$ 1,579.3 |
$ 1,392.6 |
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COSTS AND EXPENSES: |
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Operations |
223.5 |
193.8 |
860.9 |
752.2 |
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Depreciation and amortization |
70.6 |
64.5 |
271.0 |
247.9 |
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Selling, general and administrative |
35.4 |
25.8 |
131.3 |
99.7 |
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(Gain)/loss on disposals of property and equipment |
(1.1) |
0.2 |
(20.1) |
(2.5) |
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Material charges and other expenses |
4.5 |
9.4 |
4.5 |
40.3 |
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Total |
332.9 |
293.7 |
1,247.6 |
1,137.6 |
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INCOME FROM OPERATIONS |
60.5 |
60.5 |
331.7 |
255.0 |
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Net interest and other income |
(16.6) |
(12.7) |
(70.5) |
(71.5) |
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INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
43.9 |
47.8 |
261.2 |
183.5 |
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Provision for income taxes |
(5.8) |
(22.7) |
8.6 |
(19.8) |
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NET INCOME FROM CONTINUING OPERATIONS |
49.7 |
70.5 |
252.6 |
203.3 |
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Discontinued operations, net of tax |
- |
(16.4) |
- |
(22.7) |
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NET INCOME |
$ 49.7 |
$ 54.1 |
$ 252.6 |
$ 180.6 |
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PER SHARE AMOUNTS: |
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Income from continuing operations |
$ 0.40 |
$ 0.57 |
$ 2.03 |
$ 1.65 |
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Discontinued operations, net of tax |
$ - |
$ (0.13) |
$ - |
$ (0.18) |
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Net income |
$ 0.40 |
$ 0.44 |
$ 2.03 |
$ 1.47 |
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AVERAGE DILUTED SHARES |
124.7 |
124.1 |
124.5 |
123.9 |
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