Reality Check !!!!
from Rowan's release;
On revenues of $204.2 million, the Company produced net income of $44.4 million, or $.50 per diluted share, during the second quarter of 1998, compared to revenues of $164.8 million and net income of $40.6 million, or $.46 per share, for the same quarter of 1997.
''C. R. Palmer, Chairman and Chief Executive Officer, commented, ''The financial results were a record for the second quarter. The average day rate for the Company's offshore rigs increased to $65,600 during the second quarter of 1998, a $3,600, or 6% increase over the first quarter of 1998 and a $15,600, or 31% increase over the second quarter of 1997. ''
I have never been more confident about the long- term future for Rowan. I just wish the future would hurry!''
************ missed estimates by 10% .50 versus .55; - only thing they are guilty of, is not directing analyst estimates downward enough...
a 10 % increase in earnings and a 25% increase in revenues !!!!!!!!!!!!
...read these numbers; if a damn bank, retail store etc. had these same numbers would they be down to single digit PE's or down 30% in a month !!!???
....I rest my case. |
