National Oilwell Varco 2nd-qtr profit surges

July 29, 2010, 3:19PM ET
National Oilwell Varco 2nd-qtr profit surges
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Oilfield service provider National Oilwell Varco Inc. said Thursday its second-quarter profit nearly doubled despite a dip in revenue from lower offshore rig fabrication sales. The results beat Wall Street expectations.
The company reported net income of $401 million, or 96 cents per share, for the three months ended June 30. That compares with net income of $220 million, or 53 cents per share, in the same period last year.
Excluding one-time charges, adjusted income for the period was 97 cents per share.
Analysts polled by Thomson Reuters expected earnings of 93 cents per share. Analysts typically exclude one-time items from their estimates.
Revenue fell to $2.94 billion from $3.01 billion in the prior-year period. Analysts projected revenue of $2.95 billion.
The company’s distribution services and petroleum services and distribution segments each generated higher sales, but could not offset a drop in revenue from lower offshore rig fabrication sales.
National Oilwell said its rig technology segment added $660 million in orders to backlog, after cancelations. Backlog for capital equipment orders for its rig technology segment declined 11 percent to $4.9 billion as of June 30.
Shares of the company added $1.59, or 4.3 percent, to $38.92 in afternoon trading. The stock has ranged from $32.18 to $50.17 over the past year.
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