National Oilwell orders rise

Investor's Business Daily

The oilfield equipment maker's Q3 EPS fell 12% to $1.34, but still topped views by 2 cents. Revenue jumped 15% to $5.69 bil, above estimates for $5.68 bil. Revenue from its rig technology segment jumped 12% to $2.84 bil. New orders during Q3 totaled $3.31 bil, and its backlog jumped 30% from a year ago to a record high $15.15 bil. Gross margin shrank to 23.8% from 26.5% a year ago, but was up from 23.6% in Q2. Last month National Oilwell Varco (NOV) announced it would spin off its distribution business to form another public company. Shares rose 4.5% to 82.72.

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