UPDATE: Rowan Reports Q2 Profit of $465.9M

Rowan Companies Inc RDC released its results for the second quarter on Tuesday. Rowan reported its Q2 profit at $465.9 million, or $3.65 per share, up from $90.9 million, or $0.79 per share, in the year-earlier period. Rowan reported its Q2 net earnings from continuing operations at $44.4 million, or $0.35 per share, down from $83.4 million, or $0.73 per share, in the year-earlier period. Its offshore drilling revenue declined 21% to $223.5 million. However, analysts were expecting a profit of $0.34 per share on revenue of $280 million. RDC shares gained 0.08% to $39.05 in pre-market trading.