National Oilwell Varco Sales Increase 13.6% in 2013 - Modern Distribution Management

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National Oilwell Varco Sales Increase 13.6% in 2013

Company's sales up 8.6% in fourth quarter.

National Oilwell Varco, Inc. (NYSE: NOV), Houston, TX, reported full year sales for 2013 of $22.8 billion, an increase of 13.6 percent from the previous year. Profit decreased 6.2 percent to $2.3 billion.

Sales for the fourth quarter were $6.2 billion, an increase of 8.6 percent year-over-year. Profit decreased 1 percent to $661 million.

New orders during the quarter were $3.61 billion, reflecting continued strong demand for oilfield equipment. Fourth quarter revenues for the rig technology segment were $3.31 billion, an increase of 14 percent from the previous year. Revenues for the petroleum services and supplies segment were $1.93 billion, up 9 percent, while revenues for the distribution and transmission segment were $1.25 billion, a decrease of 1 percent.

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