Competitors are really starting to wack NOV's margins and that is going to get worse.
NOV had new orders of $3 billion for the qtr.
Here's what CAM reported:
During the quarter, Cameron received orders totaling $3,633.5 million, up 41.4% year over year, reflecting a 62.4% increase in the DPS segment. The composition of current order booking is 75% for DPS, 15% for V&M and 10% for PCS.
As of Mar 31, 2013, Cameron's total backlog stood at a record $10,037.0 million, up significantly from the year-earlier level of $6,766.5 million, driven by sharply higher backlog in the DPS segment.
A Foolish takeaway
After 51 acquisitions in the past four years -- including its biggest, Robbins & Myers, which closed during the quarter -- National Oilwell Varco appears to be catching its breath. Beyond that, it's noteworthy that Cameron International (NYSE: CAM ) , a competitor of Varco in some areas (blowout preventers, for instance) also reported results last week that came in under expectations.