Rowan Companies plc's RDC adjusted first-quarter 2016 earnings from continuing operations came in at 98 cents per share. The bottom line comfortably beat the Zacks Consensus Estimate of 75 cents. Strong utilization, cost-control measures and outstanding uptime performance led to the stellar performance. However, results decreased from the adjusted year-ago profit level of 99 cents. Total revenues were $500.2 million in the first quarter of 2016, down from $547.0 million in the prior-year quarter due primarily to lower utilization of jack-up rigs. This was partially offset by contributions from the third and fourth newbuild ultra-deepwater drillships, which began operating in February and Jun 2015, respectively. The top line surpassed the Zacks Consensus Estimate of $494 million.Dayrates and UtilizationThe company's Gulf of Mexico rigs had a dayrate of $73,200 (against $115,400 in the year-ago quarter), Middle East rigs saw a dayrate of $130,700 (compared with $138,500) and North Sea rigs' dayrate was $287,100 (against $295,800).The overall dayrate of all jackup rigs was $182,300 compared with $180,200 in first-quarter 2015. Average utilization (excluding cold-stacked rigs) of the company's rigs was 73% against 90% in the comparable quarter last year.FinancialsAs of Mar 31, 2016, the company's cash balance was $595.2 million and long-term debt (including current maturities) was $2,655.0 million. The long term debt-to-capitalization ratio was 35.1%.Zacks Rank and Key Stock PicksRowan Companies currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are ReneSola Ltd. SOL, Seadrill Partners LLC SDLP and Braskem S.A. BAK. Each of these stocks sports a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BRASKEM SA (BAK): Free Stock Analysis Report ROWAN COS PLC (RDC): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report SEADRILL PTNRS (SDLP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research