Varco International Inc.: The Orange-based designer and...

Varco International Inc.: The Orange-based designer and manufacturer of drilling equipment and rig instrumentation reported that net income for the first quarter rose 3% to $3 million, or 10 cents a share, from $2.9 million, or 9 cents a share, for the corresponding quarter last year. Revenue was up 23% to $71 million from $57.6 million.