S&P 500 (NYSE:SPY) component National Oilwell Varco, Inc. (NYSE:NOV) reported net income above Wall Street’s expectations for the second quarter. National Oilwell Varco, Inc. provides equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services.
National Oilwell Varco, Inc.  Earnings Cheat Sheet for the Second Quarter
Results: Net income for the oil and gas equipment and services company rose to $480 million ($1.13 per share) vs. $401 million (96 cents per share) in the same quarter a year earlier. This marks a rise of 19.7% from the year earlier quarter.
Revenue: Rose 19.4% to $3.51 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: NOV beat the mean analyst estimate of $1.01 per share. It beat the average revenue estimate of $3.23 billion.
Quoting Management: Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, “Our Company achieved strong earnings this quarter, thanks to the hard work of our dedicated employees, who provide great service, quality products, and remarkable technology to the oil and gas industry worldwide, every day. All three segments posted higher sequential and year-over-year revenues, and we were pleased by the record level of bookings into our capital equipment backlog, which increased again this quarter for both land and offshore rigs. The Company continues to expand organically and pursue promising acquisition opportunities, supported by its substantial financial resources and strong technology portfolio.”
Revenue has now gone up for three straight quarters. In the first quarter, revenue rose 3.8% to $3.15 billion while the figure rose 1.2% in the fourth quarter of the last fiscal year from the year earlier.
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of $1 versus a mean estimate of net income of $1.01 per share.
The increase in profit last quarter comes after net income fell in the previous quarter. In the first quarter, net income declined 3.6% to $407 million.
Competitors to Watch: National-Oilwell Varco, Inc. (NO8), Baker Hughes Incorporated (NYSE:BHI), Tesco Corporation (NASDAQ:TESO), Cameron Intl. Corp. (NYSE:CAM), T-3 Energy Services, Inc. (NASDAQ:TTES), Oil States Intl., Inc. (NYSE:OIS), Flotek Industries, Inc. (NYSE:FTK), FMC Technologies, Inc. (NYSE:FTI), Lufkin Industries, Inc. (NASDAQ:LUFK), and Schlumberger Limited. (NYSE:SLB).
(Source: Xignite Financials)