National Oilwell Varco Q4 Profit Declines, Revenues Increase - Quick Facts

(RTTNews) - National Oilwell Varco, Inc. (NOV) reported fourth-quarter net income attributable to the company of $595 million or $1.39 per share, down from $658 million or $1.53 per share in the same period last year.

Excluding $163 million in pre-tax other items, which includes asset impairment costs and a loss associated with a divestiture, adjusted net income for the quarter was $721 million or $1.69 per share.

On average, 31 analysts polled by Thomson Reuters expected the company to report earnings of $1.60 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose 8 percent to $5.71 billion from $5.30 billion in the year-ago period. Analysts expected revenue of $5.71 billion for the quarter.

Clay Williams, Chairman, President and CEO of National Oilwell Varco said, "Looking into 2015 we face a very challenging market. Our customers are sharply reducing their oilfield activity and expenditures. Nevertheless, NOV's strong backlog of capital equipment orders, our leading service and technology franchises, strong financial resources and positive cash flow position us well to navigate this cyclical decline."