National Oilwell Varco Earnings Down 30% Monday, October 26, 3:52 PM ET
National Oilwell Varco (NYSE:NOV) earnings dropped 30 percent in the third quarter, to $385 million, or 92 cents per share, as compared to $548 million, or $1.31 per share. Last year's quarter includes results from the period when oil was trading at its all-time high above $147 per barrel.
The company said pricing pressure and weak sales drove down earnings.
Earnings excluding items totaled 95 cents per share, beating analyst estimates. Revenue fell 15 percent to $3.09 billion.
National Oilwell shares are trading down nearly six percent on Monday.
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