Natl Oilwell Varco beats by $0.05, reports revs in-line
Reports Q1 (Mar) earnings of $1.14 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $1.09; revenues fell 15.6% year/year to $4.82 bln vs the $4.82 bln consensus.
- Ending backlog for the first quarter of 2015 was $10.43 billion for the Company's Rig Systems segment and $1.46 billion for the Company's Completion & Production Solutions segment.
- "We have the financial resources to invest in acquisitions, as well as the transformative new technologies we have a long history of pioneering. Cyclical downturns provide extraordinary opportunities to deploy capital to better position our enterprise for a recovery. While we don't know the duration of this downturn, we know that we will be better when the recovery comes."