National Oilwell Varco Q1 Profit Decreases - Quick Facts

(RTTNews) - National Oilwell Varco, Inc. (NOV) reported first-quarter net income to company of $310 million or $0.76 per share, compared to $589 million or $1.37 per share, prior year. Income per share from continuing operations was $0.76, compared to $1.28. Excluding other items of $122 million in pre-tax charges related to an early retirement program, $9 million of Venezuela asset write-down, and $69 million of non-recurring foreign tax exposure, net income was $466 million, or $1.14 per share, for the quarter.

On average, 34 analysts polled by Thomson Reuters expected the company to report profit per share of $1.09 for the quarter. Analysts' estimates typically exclude special items.

Revenue decreased to $4.82 billion from $4.89 billion last year. Analysts expected revenue of $4.84 billion for the quarter.