National Oilwell Varco Q3 Beats on EPS

Shares of National Oilwell Varco  saw a bit of a price spike following the release of the company's Q3 results on Friday. For the quarter, total revenue was $5.69 billion, up from the $5.32 billion in the same period the previous year. Net income came in at $636 million ($1.49 per diluted share), an improvement over Q3 2012's $609 million ($1.43).

The most recent quarter's figures matched the average analyst estimate for revenue but trumped the expectation of $1.32 for per-share earnings. 

All three segments of National Oilwell Varco's business recorded increases over the one-year period. The best gainer of the trio was rig technology, which posted revenue of $2.84 billion, a 12% increase on a year-over-year basis. 

Following the release of the quarterly figures, the company's stock advanced by 4.5%, or $3.59, to close the day at $82.72. 

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