National Oilwell Varco, Inc. (NOV) reported fourth-quarter net income of $668 million, or $1.56 per share compared to $574 million or $1.35 last year. Excluding $51 million in pre-tax transaction charges and a net $69 million tax benefit related to certain U.S. foreign tax credits, net income was $638 million, or $1.49 per share. The net $69 million tax benefit resulted from a strategic reorganization of certain foreign operations to more fully integrate recently acquired business groups.
On average, 28 analysts polled by Thomson Reuters expected the company to report profit of $1.44 per share for the quarter. Analsyts' estimates typically exclude special items.
Total revenue increased to $5.68 billion from $4.26 billion last year. Analysts expected revenue of $5.30 billion for the quarter.
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