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National Oilwell Varco's Earnings Jump

Revenue in the fourth quarter rises to $1.59 billion.

Oil-services firm

National Oilwell Varco

(NOV) - Get Free Report

reported Wednesday that its fourth-quarter earnings rose 54% over the same period last year, mostly due to increased drilling activity around the globe.

The company made $376.7 million, or $1.05 a share, compared with $239.2 million, or 68 cents a share, during the same period last year. Analysts were expecting $1.04 a share, according to a census conducted by Thomson Financial.

National Oilwell Varco generated $1.59 billion in revenue in the fourth quarter, up from $1.14 billion a year earlier.

Fourth-quarter operating income from its rig technology segment were $410.5 million, up 10% from the same period a year ago. Operating income from petroleum services and supplies was $189.2 million, up 16% from last year.