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National Oilwell Varco profit misses consensus by 29.1% in Q1

National Oilwell Varco Inc. said its normalized net income for the first quarter came to 77 cents per share, compared with the S&P Capital IQ consensus estimate of $1.09 per share.

EPS fell 32.5% year over year from $1.15.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $316.4 million, a decrease of 35.7% from $491.9 million in the prior-year period.

The normalized profit margin dropped to 6.4% from 10.1% in the year-earlier period.

Total revenue fell year over year to $4.82 billion from $4.89 billion, and total operating expenses climbed year over year to $4.25 billion from $4.09 billion.

Reported net income decreased 43.4% on an annual basis to $310.8 million, or 76 cents per share, from $549.1 million, or $1.28 per share.