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Tuesday, 02 December, 2008, 21:40 GMT | more >>

National Oilwell Varco's in the money



By Upstream staff 

National Oilwell Varco, which was created through the merger of National Oilwell and Varco on 11 March, has said its first-quarter profit more than tripled as revenue nearly doubled.

The oil drilling equipment maker posted earnings of $35.6 million, or 33 cents a share, up from $11.0 million, or 13 cents a share, last year. The profit only includes Varco's results for the last 20 days of the quarter.

Excluding items, the company said it earned 42 cents a share. On that basis, the average forecast of analysts polled by Reuters Estimates was 42 cents a share.

"The combination of merger-related synergies, the rising flow of revenues out of our growing backlog, and the turnaround of first-half seasonal factors, are expected to lead to improved results in the back half of the year," chief executive Pete Miller said.


Friday, 06 May, 2005, 13:15 GMT  | last updated: Friday, 06 May, 2005, 13:15 GMT

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