(Source: Datamonitor)
National Oilwell Varco, a provider of equipment and components used in oil and gas drilling and production operations, has reported a net income of $385 million, or $0.92 per diluted share, for the third quarter ended September 30, 2009, compared to $548 million, or $1.31 per diluted share, for the same period of 2008.
The company has reported total revenue of $3.09 billion for the third quarter ended September 30, 2009, compared to $3.61 billion for the same quarter of 2008.
National Oilwell Varco has reported a net income of $1.07 billion, or $2.58 per diluted share, for the first nine months of 2009, compared to $1.37 billion, or $3.48 per diluted share, for the corresponding period of 2008.
Year-to-date total revenue was $9.58 billion, compared to $9.62 billion for the first nine months of 2008.
Pete Miller, chairman, president and CEO of National Oilwell Varco, said: "The company achieved solid results and strong cash flow this quarter, despite the current challenging market environment, thanks to the hard work of our dedicated employees. Continued outstanding execution of equipment orders and strong financial resources position us well for this marketplace, and we are well positioned for the inevitable recovery in drilling activity."
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