National Oilwell Varco +2.1% as earnings, revenues rise

|About: National Oilwell Varco, Inc. (NOV)|By:, SA News Editor

National Oilwell Varco (NOV+2.1% premarket after reporting a 3.9% rise in Q3 earnings, boosted by revenue gains in all three of its business segments: rig technology, petroleum services and supplies, distribution and transmission.

Q3 profit of $636M, or $1.49/share, was aided by the settlement of an outstanding legal claim; without it, NOV would have booked a net profit of $573M, or $1.34/share.

Revenue rose 6.9% Y/Y to $5.69B, but gross margin shrank to 23.8% from 26.5%.

Backlog at NOV's rig technology segment hit a record $15.15B, up 9% Y/Y and 30% Q/Q; new orders in the segment totaled $3.31B.