HOUSTON (AP) — National Oilwell Varco Inc. said Tuesday that net income fell 12 percent in the second quarter on higher costs, but acquisitions and strong demand for capital equipment boosted its revenue.

National Oilwell Varco makes equipment for production of oil and natural gas, and in February it paid $2.5 billion to buy Robbins & Myers, which makes pumps and other equipment to control the flow of oil and gas in drilling operations. National Oilwell said orders for rig technology improved and its contract backlog is at record levels.

Net income slipped to $531 million, or $1.24 per share, from $605 million, or $1.42 per share. Excluding one-time items the company earned $1.33 per share. Revenue rose 18 percent, to $5.6 billion. Analysts expected $1.33 per share and $5.43 billion in revenue, according to FactSet.

Revenue from the rig technology business rose 18 percent to $2.83 billion, while petroleum service and supplies revenue fell 2 percent to $1.75 billion. Distribution and transmission revenue grew 66 percent to $1.3 billion on acquisitions the company made last year.

The company landed $3.15 billion in rig technology orders during the quarter, raising its backlog to $13.95 billion.

Shares of National Oilwell Varco fell $2.74, or 3.7 percent, to $68.40

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel