National Oilwell 3Q profit rises on overseas sales
HOUSTON (AP) — National Oilwell Varco Inc. said Thursday that third-quarter profit rose 14 percent, and it predicted strong fourth-quarter demand for drilling rigs used in deep water.
The company said demand for its equipment and services grew overseas but softened in North America during the July-to-September period.
Net income was $612 million, or $1.43 per share, compared with $532 million, or $1.25 per share, a year earlier. The company said it would have earned $1.52 per share, excluding acquisition-related costs.
Analysts, who usually exclude one-time items, expected $1.51 per share, according to FactSet.
Revenue rose 42 percent to $5.32 billion, just below the analysts' forecast of $5.33 billion.
Shares fell $1.27 to $75.50 in early trading Thursday. They have ranged from $59.07 to $89.95 over the past 52 weeks.