National-Oilwell Varco Posts 30% Decline in Q3 Profit as Order Rates fall (NOV)

Mon. October 26, 2009; Posted: 09:12 AM

Oct 26, 2009 (SmarTrend(R) News Watch via COMTEX) -- NOV | Quote | Chart | News | PowerRating -- 10/26/2009-National-Oilwell Varco (NYSE:NOV) reported Q3 EPS of 95 cents, topping consensus estimates of 79 cents. Revenues in the quarter fell 14.5% year-over-year to $3.09 billion, but came in ahead of consensus estimates of $2.90 billion.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, "The Company achieved solid results and strong cash flow this quarter, despite the current challenging market environment, thanks to the hard work of our dedicated employees. Continued outstanding execution of equipment orders and strong financial resources position us well for this marketplace, and we are well positioned for the inevitable recovery in drilling activity. While difficult credit market conditions have led to order rates below our expectations so far this year, we continue to pursue new rig opportunities aggressively, and seek and execute strategic internal growth and acquisition opportunities.

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on National Oilwell Varco Inc (NOV) click here. National Oilwell Varco Inc (NOV) has Short Term PowerRatings of 4. Details on National Oilwell Varco Inc (NOV) Short Term PowerRatings is available at This Link.

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