National Oilwell profit beats on strong demand for drilling services

April 28 Mon Apr 28, 2014 7:27am EDT

April 28 (Reuters) - National Oilwell Varco Inc's first-quarter profit beat analyst estimates, helped by strong demand for its services that prepare oil and gas wells for production.

Net income attributable to the company rose to $589 million, or $1.37 per share, in the quarter ended March 31, from $502 million, or $1.17 per share, a year earlier.

Excluding $19 million in pretax transaction charges, the largest U.S. oilfield equipment provider earned $1.40 per share, compared with the average analyst estimate of $1.38, according to Thomson Reuters I/B/E/S. (Reporting by Sayantani Ghosh in Bangalore; Editing by Don Sebastian)

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