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National Oilwell Varco, Inc. (NYSE: NOV), Houston, TX, reported sales of $5.3 billion for the third quarter, up 42 percent from the same period a year ago. Sales were up 12 percent over second quarter 2012. Profit increased 15 percent to $612 million.
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For the first nine months, sales were $7.2 billion, up 31 percent year over year. Profit increased 29 percent to $1.8 billion.
Distribution & Transmission segment sales in the third quarter totaled $1.32 billion, up 174 percent from the third quarter of 2011. The increase is primarily due to mergers completed during the second and third quarters of 2012, including the purchase of PVF distribution business Wilson International Inc., No. 8 on MDM's list of the top 40 industrial distributors. Third quarter operating profit was $78 million or 5.9 percent of sales.
Third quarter revenues for the Rig Technology segment were $2.6 billion, up 29 percent year over year. Operating profit for this segment was $610 million, or 23.9 percent of sales.
Revenues for the third quarter of 2012 for the Petroleum Services & Supplies segment were $1.72 billion, up 18 percent from the third quarter of 2011. Operating profit was $383 million, or 22.3 percent of revenue.