UPDATE 1-National Oilwell Varco 1st-qtr profit up 44 pct
April 30th, 2008 | by admin |(Recasts first paragraph, changes dateline from NEW YORK, addsdetails)
HOUSTON, April 30 (Reuters) - National Oilwell Varco Inc(NOV.N: Quote, Profile, Research) said on Wednesday its first-quarter profit rose 44percent as record crude oil prices boosted demand for itsdrilling equipment, particularly in offshore markets.
Net income for the Houston company was $397.6 million, or$1.11 per share, compared with $275.9 million, or 78 cents ashare, in the same quarter a year earlier.
Analysts on average had expected a profit of $1.09 pershare, according to Reuters Estimates.
The Houston company’s profit was helped by a modestly morefavorable tax rate, research firm Simmons & Co. Int’l, toldclients.
Revenue rose 24 percent to $2.69 billion.
Backlog for capital equipment orders for the company’s rigtechnology segment increased to $9.9 billion, compared to $9.0billion as of the end of 2007.
Shares of National Oilwell Varco were off $1.74, or morethan 2.5 percent at $67.05 on the New York Stock Exchange. (Reporting by Anna Driver in Houston; Editing by Derek Caney)
