National Oilwell Varco reported its 2014 fourth quarter earnings information, highlighted by a net income of $595 million, a 17.5 percent decrease from $699 million a year ago. Excluding $163 million in pre-tax other items, including asset impairment costs and a loss associated with a divestiture, net income was $721 million.
Sales for the fourth quarter were $5.71 billion, up 8 percent year-over-year and up 2 percent from Q3. Operating profit, excluding other items, was $1.02 billion.
For the 2014 full year, sales were $21.44 billion, while net income from continuing operations was $2.45 billion.
Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, stated, “NOV accomplished a great deal in 2014, and I want to thank all of our employees for our record results. We completed the spin-off of our distribution business to our shareholders, we substantially increased our regular dividend and we launched a $3 billion share repurchase program. We also effected a reorganization of our operations to better serve our customers, while expanding our global reach and furthering our technology and product portfolio through the year."