National Oilwell Varco, Inc. (NYSE: NOV), Houston, TX, reported sales for the fourth quarter of $5.7 billion, a 33.5 percent increase compared to the same period a year ago. Profit increased 16.4 percent to $668 million.
Fourth-quarter revenues for the Distribution & Transmission segment were $1.3 billion, up 126 percent from the fourth quarter of 2011 (due mostly to previously disclosed mergers completed in 2012).
Fourth-quarter revenues for the Rig Technology segment were $2.9 billion, an increase of 25 percent from the fourth quarter of 2011.
Revenues for the Petroleum Services & Supplies segment were $1.8 billion, up 13 percent year-over-year.
Full-year sales for Oilwell Varco were $20 billion, a 36.7 percent increase from 2011. Profit increased 25.1 percent to $2.8 billion.