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National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for the first quarter of $1.74 billion, a decrease of 20.4 percent from the prior-year quarter. Profit decreased 14.3 percent to $209 million.
First-quarter sales for the rig systems segment were $393 million, down 57.5 percent year-over-year. Sales for the rig aftermarket segment decreased 17.9 percent to $329 million.