Sales and Profit for Year Hit Record Highs at Varco

ORANGE — 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.