Varco Posts Profit of $1.4 Million

Varco International Inc., the Orange manufacturer of drilling equipment and machinery, posted a profit of $1.4 million, or 4 cents a share, for the first quarter. That contrasted with earnings of $246,000, or 1 cent a share, for the same period last year. Revenue was up 30% to $48.7 million from $37.4 million, with the increase attributable to an acquisition made in July, 1992. For the first six months of 1993, profit totaled $2.8 million, or 8 cents a share. For the same period a year earlier, earnings were $4.7 million, or 14 cents a share, including a credit of $2 million from an accounting change. Six-month revenue was $94.5 million, up from $84.8 million.