February 01, 2013 at 08:55 AM EST
National Oilwell Varco Q4 Profit Increases by 16% on 33% Higher Revenue (NOV)

Before the bell on Friday the largest US oilfield equipment maker National-Oilwell Varco, Inc. (NOV) saw a rise in its fourth quarter profit due to the revenue growth to its core rig technology business.

The Houston, Texas-based company reported a fourth quarter net income of $668 million, or $1.56 per share, up +16% from $574 million, or $1.35 per share, a year earlier.

Excluding one-time items, which included a pre-tax charge of $51 million and a tax benefit of $69 million, net income was $638 million, or $1.49 per share. This beat the Wall Street estimate as analysts were expecting EPS to be $1.44, according to Thomson Reuters.

Total revenue for the quarter increased to $5.69 billion from $4.26 billion in the same quarter a year earlier. Analysts were expecting revenue to come in at $5.30 billion.

National-Oilwell Varco shares were down slightly during pre-market trading on Friday. The stock is down -4.21% over the past year.

The Bottom Line
Shares of National-Oilwell Varco (NOV) have a dividend yield of 0.70% based on last night’s closing price of $74.14.

National-Oilwell Varco, Inc. (NOV) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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