Sales and Profit for Year Hit Record Highs at Varco

Varco International Inc. said Thursday that profit and sales surged to record highs last year.

The manufacturer of drilling equipment for oil and gas wells reported 1996 net income of $24.5 million, or 77 cents a share, 70% higher than the $14.4 million, or 46 cents a share, for 1995. Revenue increased 35% to $368.4 million from $273.7 million. For the fourth quarter, net income rose to $8.7 million, or 27 cents a share, from $2.4 million, or 8 cents a share, for the 1995 fourth quarter. Revenue climbed 53% to $109 million from $71.2 million.