National Oilwell Varco Inc. (NYSE: NOV) detailed its earnings for the first-quarter 2014, which ended March 31, the company said April 28.
Net income was down from the fourth-quarter 2013, which ended Dec. 31 of that year, the company said, noting that it was $589 million compared to fourth-quarter 2013’s $658 million.
First-quarter 2014 revenues were $5.78 billion, National Oilwell said. This amount was down 6% from fourth-quarter 2013 and up 9% from first-quarter 2013, the company added.
First-quarter 2014’s operating profit was $880 million, or 15.2% of sales, excluding transaction charges, the company noted. Year-over-year, the first-quarter operating profit increased by 8%, the company added.
Company president and CEO Clay Williams said that the company was “pleased with our solid start to the new year.”
Regarding rig technology capital equipment orders, the company experienced a backlog at the end of the first-quarter, National Oilwell said. The backlog for orders stood at a record $16.35 billion, up 1% from fourth-quarter 2013 and up 27% from first-quarter 2013, the company added.
During this year’s first-quarter, there was $2.33 billion worth of new orders, the company noted.
Additionally, the company detailed the first-quarter 2014 revenues for its petroleum services and supplies and distribution and transmission departments.
Revenues for petroleum services and supplies stood at $1.79 billion at March 31, the company said. This was down 7% from fourth-quarter 2013 and up 5% from first-quarter 2013. The segment’s operating profit was $326 million, or 8% of revenue, the company added.
Revenues for distribution and transmission stood at $1.28 billion at March 31, the company said. This was up 2% from fourth-quarter 2013 and up 4% from first-quarter 2013. The segment’s operating profit was $68 million, or 5.3% of sales, the company added.
Houston-based National Oilwell Varco Inc. provides upstream services worldwide.
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