logo
  Join        Login             Stock Quote

National-Oilwell Varco (NOV) 4Q Earnings Increase 16 Pct, Beat Estimates; Shares Up

 February 01, 2013 08:14 AM
 


(By Balaseshan) National-Oilwell Varco Inc. (NYSE: NOV), which provides oilfield services and supplies, reported a 16% growth in quarterly earnings on higher revenue across its segments. Results exceeded Street's expectations, sending its shares up 1.66% in premarket.

Earnings for the fourth quarter were $668 million or $1.56 per share, up from $574 million or $1.35 per share in the same period last year.

The latest quarter included $51 million in pre-tax transaction charges and a net $69 million tax benefit related to certain U.S. foreign tax credits. Adjusted earnings grew 9% to $638 million or $1.49 per share for the latest quarter.

[Related -Warren Buffett's Latest Stock Picks And His Biggest Portfolio Holdings]

Total revenue jumped 33.5% to $5.69 billion.

Analysts, on average, polled by Thomson Reuters had expected a profit of $1.44 per share on revenue of $5.30 billion for the fourth quarter.

Rig Technology revenue grew 25% to $2.9 billion, while Petroleum Services & Supplies revenue increased 13% to $1.77 billion. Revenue from Distribution & Transmission segment jumped 126% to $1.27 billion.

Gross margin for the fourth quarter decreased to 24.8% from 30.2%.

"As we enter 2013, we recognize that there are some near-term headwinds facing us in the North American land market. However, we are excited to be entering the year with strong financial resources, a solid backlog, a well-constructed and balanced business, and an experienced and capable group," said Pete Miller, Chairman and CEO of National Oilwell Varco.

[Related -National-Oilwell Varco, Inc. (NOV): Like 'Pickaxes To Miners']

NOV closed Thursday's regular session up 0.65% at $74.14. The stock has been trading between $59.07 and $89.95 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageSuspicions Over ADP Employment Make-up

he private payroll processor noted that the sixth continuous payroll gain above 200,000 was a “positive read on...

article imageLessons From the Golden Bear

How attractive is gold when it comes to investing over the long read on...

article imagePondering The Slide In US Inflation Expectations

The Treasury market’s inflation forecast via 10-year Notes continues to fall and the US stock market has read on...

article imageAIG Was Broke

There’s a significant problem when you are a supremely big and connected financial institution: your read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Dividend Roundup: NOV, UMPQ, CSC, ESV, AVIV
More Articles on: Oils/Energy



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.