National Oilwell Varco (NYSE: NOV) reported earnings on Feb. 2. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended Dec. 31 (Q4), National Oilwell Varco beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue expanded significantly and GAAP earnings per share expanded significantly.

Gross margins dropped, operating margins improved, net margins dropped.

Revenue details
National Oilwell Varco logged revenue of $4.26 billion. The 18 analysts polled by S&P Capital IQ hoped for a top line of $4.03 billion. Sales were 34% higher than the prior-year quarter's $3.17 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions.

EPS details
Non-GAAP EPS came in at $1.37. The 24 earnings estimates compiled by S&P Capital IQ predicted $1.30 per share on the same basis. GAAP EPS of $1.35 for Q4 were 29% higher than the prior-year quarter's $1.05 per share.

Source: S&P Capital IQ. Quarterly periods. Figures may be non-GAAP to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 30.2%, 120 basis points worse than the prior-year quarter. Operating margin was 19.9%, 20 basis points better than the prior-year quarter. Net margin was 13.5%, 40 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $4.17 billion. On the bottom line, the average EPS estimate is $1.37.

Next year's average estimate for revenue is $17.51 billion. The average EPS estimate is $5.83.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 3,369 members out of 3,417 rating the stock outperform, and 49 members rating it underperform. Among 1,045 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,038 give National Oilwell Varco a green thumbs-up, and seven give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on National Oilwell Varco is outperform, with an average price target of $89.14.

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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool owns shares of National Oilwell Varco. Motley Fool newsletter services have recommended buying shares of National Oilwell Varco. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.