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National Oilwell Varco Q2 profit falls YOY

National Oilwell Varco Inc. said its second-quarter normalized net income came to 64 cents per share, compared with the S&P Capital IQ consensus estimate of 64 cents per share.

EPS fell 50.8% year over year from $1.30.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $247.4 million, a decline of 55.6% from $557.1 million in the prior-year period.

The normalized profit margin declined to 6.3% from 10.6% in the year-earlier period.

Total revenue fell 25.6% on an annual basis to $3.91 billion from $5.25 billion, and total operating expenses decreased 20.1% on an annual basis to $3.47 billion from $4.34 billion.

Reported net income fell 53.0% year over year to $287.1 million, or 74 cents per share, from $610.6 million, or $1.42 per share.