National Oilwell Varco: 4Q Earnings Snapshot
HOUSTON (AP) _ National Oilwell Varco (NOV) on Wednesday reported fourth-quarter net income of $12 million, after reporting a loss in the same period a year earlier.
The Houston-based company said it had profit of 3 cents per share.
The results fell short of Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The oil and gas industry supplier posted revenue of $2.4 billion in the period, beating Street forecasts. Ten analysts surveyed by Zacks expected $2.19 billion.
For the year, the company reported that its loss narrowed to $31 million, or 8 cents per share. Revenue was reported as $8.45 billion.
National Oilwell Varco shares have increased 19 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 9 percent. In the final minutes of trading on Wednesday, shares hit $30.59, a fall of 14 percent in the last 12 months.