Shares of National-Oilwell Varco (NOV) fell over 7% in the past trading week. The provider of equipment for the oil and gas industry reported its third quarter results on Thursday.
Third Quarter Results
National-Oilwell Varco reported third quarter revenues of $5.3 billion, up 12% on the second quarter. Revenues are up 42% compared to revenues in the third quarter of 2011. Analysts expected the company to report revenues of $5.36 billion.
The company net earned $612 million in the third quarter, up from $605 million in the second quarter of 2012. Earnings per share rose to $1.43 per share, compared to last year's earnings of $1.25 per diluted share.
Excluding transaction costs, earnings per share came in at $1.52, beating analysts consensus by a penny.
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