HOUSTON (AP) — National Oilwell Varco Inc. said Thursday that second-quarter net income jumped by 26 percent on stronger orders throughout its global business.
The Houston company provides a variety of equipment and services to the petroleum industry. During the April-June period, the company reported earnings of $605 million, or $1.42 per share, compared with $481 million, or $1.13 per share, a year earlier.
Excluding special charges, the company said it earned $1.46 per share in the period.
Analysts, who typically exclude special charges, expected earnings of $1.40 per share on revenue of $4.48 billion, according to FactSet.
National Oilwell said that profits grew across its global business. They were up 57.8 percent for its petroleum services group, 10.4 percent for rig technology, and they more than doubled for the company's distribution and transmission business. The backlog of equipment orders rose by 46 percent in the period to $11.28 billion compared with a year earlier.
"Most markets we serve have remained buoyant, despite lower commodity prices, and we therefore expect solid results for the second half of the year," Chairman and CEO Pete Miller said.
Shares rose by $5.98, or 8.9 percent, to $73.31 in trading Thursday.