November 3, 2009 / 1:49 PM / 9 years ago

UPDATE 1-Rowan Q3 profit tops Street view

* Q3 adj EPS $0.54 vs. est. $0.52

* Revenue down 25 pct

* Says demand for jack-ups, land rigs bottomed in Q3

Nov 3 (Reuters) - Rowan Companies Inc (RDC.N) reported better-than-expected quarterly profit helped by contract backlog, and the contract driller said demand for rigs and its mining equipment has been improving.

“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,” Chief Executive Matt Ralls said in a statement. Net income for the quarter was $78.4 million, or 69 cents a share, compared with $114.1 million, or $1.00 a share, in the year ago quarter.

Excluding items, the company’s earnings for the quarter was 54 cents a share.

Revenue fell 25 percent to $393.4 million.

Analysts, on average, were expecting earnings of 52 cents a share, before special items, on revenue of $383.15 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $23.37 Monday on the New York Stock Exchange. (Reporting by Hezron Selvi in Bangalore; Editing by Chakradhar Adusumilli)

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