National Oilwell Varco Q3 Profit Up, Beats Estimates - Quick Facts

(RTTNews) - National Oilwell Varco Inc. (NOV), Friday reported an increase in third-quarter net income, mirroring higher revenues. Earnings also exceeded the Street estimates.

For the three-month period, the company reported net income of $636 million or $1.49 per share, compared with $609 million or $1.43 per share last year.

Excluding $10 million in pre-tax transaction charges and $102 million in pre-tax gains resulting from the settlement of an outstanding legal claim, adjusted net income was $573 million or $1.34 per fully share.

On average, thirty one analysts polled by Thomson Reuters expected the company to report earnings per share of $1.32 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the period was $5.6 billion, compared with $5.3 billion last year. Analysts expected the company to generate revenues of $5.68 billion for the quarter.