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National Oilwell Varco profit misses consensus by 27.3% in Q3

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.