Varco International Inc.: The Orange-based manufacturer of...
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Varco International Inc.: The Orange-based manufacturer of drilling equipment and machinery said first-quarter net income more than doubled on a 42% gain in sales.
Net income climbed to $7.4 million, or 23 cents a share, from $3 million, or 10 cents a share, for the first three months last year. Revenue increased to $101.1 million from $71 million. The company attributed the revenue growth primarily to an increased emphasis on deep-water drilling and the demand for offshore rigs capable of such drilling.
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