National Oilwell Varco says 4Q net rose 16 pct

National Oilwell Varco says 4Q net rose 16 percent; profit growth in all 3 business units

Associated Press

HOUSTON (AP) -- National Oilwell Varco Inc. said on Friday that its fourth-quarter profit rose 16.4 percent as profits grew for its oil rig parts and services.

The company earned $668 million, or $1.56 per share, for the quarter that ended Dec. 31. That was up from $574 million, or $1.35 per share, during the same period a year earlier.

Revenue rose 33.4 percent to $5.69 billion, from $4.26 billion a year earlier.

Not counting special items, the company would have earned $638 million, or $1.49 per share. Analysts surveyed by FactSet had been expecting a profit of $1.44 per share on revenue of $5.36 billion.

Profits grew in all three of its segments — rig technology, petroleum services and supplies, and distribution and transmission. It said it has some "near-term headwinds" in the on-shore oil market in North America.

For the full year, net income rose almost 25 percent to $2.49 billion, from $1.99 billion in 2011. On a per-share basis, 2012 profits were $5.83, up from $4.70 a year earlier. Revenue rose almost 37 percent to $20.04 billion, from $14.66 billion a year earlier.

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