National Oilwell Varco, Inc. (NOV) said it earned net income of $502 million, or $1.17 per share in the first quarter, compared with last year's $606 million, or $1.42 per share. The recent quarter results included transaction costs mainly related to the Robbins & Myers acquisition and Venezuela currency devaluation charges, which combined for a total of $73 million in pre-tax costs and charges.
Excluding these costs and charges, earnings totaled $553 million, or $1.29 per share. On average, 31 analysts polled by Thomson Reuters expected earnings per share of $1.36 for the quarter. Analysts' estimates typically exclude one-time items.
However, total revenue for the recent period was $5.31 billion, a 23 percent increase from $4.30 billion in the first quarter of 2012. Analysts estimated revenues of $5.38 billion for the quarter.
For comments and feedback: editorial@rttnews.com