National Oilwell Varco (NYSE: NOV) reported Q2 EPS of $0.74, $0.10 better than the analyst estimate of $0.64. Revenue for the quarter came in at $3.9 billion versus the consensus estimate of $3.86 billion.

Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, stated, “NOV achieved solid results this quarter in the face of the cyclical downturn which has impacted our business. The operating margins delivered by our segments this quarter reflect our focus on reducing costs to become more efficient. We continue to advance our long-term strategies and expect that the strength of our balance sheet will allow us to identify investment opportunities arising from this downturn. We are positioning the company to perform well through the downturn and to generate profitable growth in the inevitable upturn, and expect that while 2015 will continue to be challenging, it will afford us the opportunity to make great progress against our strategic plans.”

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