UPDATE: Rowan Q4 Profit Drops 21%

Rowan Companies Inc

reported a 21% decline in its fourth-quarter earnings. Rowan's quarterly profit dropped to $45.1 million, or $0.36 per share, from $57.3 million, or $0.45 per share, in the year-ago period. Its revenue surged 32% to $275.1 million. However, analysts were expecting earnings of $0.30 per share on revenue of $270 million. Rowan's operating margins declined to 11% from 24%. Rowan shares closed at $38.53 yesterday.