National Oilwell Varco Q2 income slips despite sales surge

National Oilwell Varco earned $531 million in the second quarter, $1.24 per share, as costs sent profit down 12 percent from the same period last year despite a boost in revenue.

Revenue rose 18 percent to $5.6 billion, compared with the April-June period of 2012.

The Houston-based oil field equipment maker reported a record capital equipment orders backlog of $13.95 billion at the end of June, up 24 percent year-over-year.

CEO Pete Miller described it as a “solid quarter,” as international growth helped offset slowdowns in North American sales.

“As we move through the second half of 2013, we look forward to continued demand for our offshore drilling and floating production equipment, a gradual rebound in Canada, and continued growth from our other international operations,” Miller said in a statement accompanying the earnings release.


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