NEW YORK (
) -- Shares of
hit a 52-week high in early trading on Tuesday after its earnings exceeded Street expectations.
National-Oilwell Varco shares were up more than5% in early trading after the opening bell, and closing in on the $51 share mark. Since mid-September, National-Oilwell Varco shares have been gaining. With its gains on Tuesday morning pushing shares above the $51 mark, National-Oilwell Varco is up by more than 25% in the past month.
National-Oilwell Varco reported earnings of 97 cents per share, versus the Street consensus of 90 cents. Profits were more or less in line with expectations, while revenue increased from the previous quarter by 2% to $3 billion. The revenue figure was slightly above the Street consensus which was just under $3 billion.
Order backlog was $4.87 billion, which was up slightly from the end of the second quarter of 2010.
Pete Miller, CEO of National-Oilwell Varco said in the earnings,"We are pleased that bookings into our capital equipment backlog exceeded shipments during the third quarter, driving backlog a little higher sequentially and signaling renewed interest in drilling equipment construction and refurbishment, and improving credit markets."
National-Oilwell Varco's largest profit maker, its rig technology segment, saw operating profit at $480 million, or 29.1% of sales. Revenue was flat for the segment versus the previous quarter. While revenue for out of backlog business decreased 8% sequentially and decreased 28 % year-over-year, non-backlog revenue increased 17% sequentially and 23% year-over-year, reflecting higher demand for aftermarket parts, services and capital spares, the company said.
-- Written by Eric Rosenbaum from New York.
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