National Oilwell Q1 Profit Rises - Quick Facts

(RTTNews) - National Oilwell Varco, Inc. (NOV) said it has earned higher net income of $589 million, or $1.37 per share in the first quarter 2014, compared with last year's $502 million, or $1.17 per share. Excluding pre-tax transaction charges of $19 million, earnings amounted to $602 million, or $1.40 per share for the recent quarter. On average, 28 analysts polled by Thomson Reuters expected earnings per share of $1.38 for the quarter. Analysts' estimates typically exclude one-time items.

Operating profit for the quarter, excluding the transaction charges, totaled $880 million, or 15.2 percent of sales, the company stated.

Revenues for the latest quarter came in at $5.78 billion, an increase of nine percent from $5.31 billion in the first quarter of 2013, while 23 analysts estimated revenues of $5.80 billion. During the quarter, new orders were $2.33 billion, reflecting continued healthy demand for oilfield equipment.

Commenting on the performance, President and Chief Executive of National Oilwell Varco, said: "We are pleased with our solid start to the new year, as the Company's investments in new technologies, manufacturing capacity and strategic acquisitions drove year-over-year revenue and earnings growth."