Varco International Profit Up 21% for First Quarter Over ’94

Varco International Inc., an Orange-based manufacturer of oil and gas well-drilling equipment, reported first-quarter profit of $2.9 million, or 9 cents a share, up 21% from the $2.4 million, or 7 cents a share, for last year’s first three months. Quarterly revenue rose 12% to $57.6 million this year from $51.3 million. The company attributed the revenue gain to increases in the drilling systems division and the inclusion of $2.9 million from an acquisition last November.