National Oilwell Varco Inc. said its third-quarter normalized net income was 40 cents per share, compared with the S&P Capital IQ consensus estimate of 55 cents per share.
EPS declined 71.7% year over year from $1.42.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $153.4 million, a decline of 75.0% from $613.0 million in the year-earlier period.
The normalized profit margin dropped to 4.6% from 11.0% in the year-earlier period.
Total revenue fell 40.8% year over year to $3.31 billion from $5.59 billion, and total operating expenses declined 34.4% from the prior-year period to $3.02 billion from $4.60 billion.
Reported net income declined 77.6% on an annual basis to $156.2 million, or 41 cents per share, from $698.2 million, or $1.62 per share.