National Oilwell Varco, Inc. NOV reported break-even earnings in third-quarter 2018 versus the Zacks Consensus Estimate of 12 cents. Weaker-than-expected contribution from the ‘Wellbore Technologies’ and ‘Completion & Production Solutions’ segments led to this underperformance.As a result of higher steel and labor costs, operating profit from the energy equipment maker’s Wellbore Technologies unit totaled $40 million, below the Zacks Consensus Estimate of $56 million.Further, operating profit from the Completion & Production Solutions segment came in at $46 million, unable to match the Zacks Consensus Estimate of $55 million. The miss was on account of tepid pressure pumping demand and weak offshore business.However, National Oilwell Varco’s bottom line witnessed a solid rebound from the year-ago quarter’s loss of 7 cents on the back of robust results from its ‘Rig Technologies’ segment, whose operating profit of $58 million outpaced the Zacks Consensus Estimate by $6 million.Total revenues of $2,154 million missed the Zacks Consensus Estimate of $2,208 million but rose 17.4% from the year-ago period.National Oilwell Varco, Inc. Price, Consensus and EPS Surprise National Oilwell Varco, Inc. Price, Consensus and EPS Surprise | National Oilwell Varco, Inc. QuoteSegmental PerformanceRig Technologies: Revenues came in at $637 million compared with $510 million in the year-ago quarter, reflecting an increase of 24.9%. Fast progress on the construction of new offshore drilling rigs and higher aftermarket sales led to the better performance.The unit’s adjusted EBITDA was $78 million, 95% higher than $40 million recorded in the year-ago quarter, driven by increase in the orders.Wellbore Technologies: The segment’s revenues rose 22.2% year over year to $847 million. Strong demand from greater market adoption of the unit’s superior technology services (domestically as well as in the Eastern Hemisphere) drove revenues. The unit’s adjusted EBITDA of $135 million also improved from last year’s $94 million, aided by and pricing gains. Completion & Production Solutions: Revenues at the segment were $735 million, up 7.8% from $682 million in the year-ago quarter. Robust capital equipment demand for land production drove the upside.The unit recorded adjusted EBITDA of $99 million, marginally up from the year-ago figure of $97 million due to strong operational execution.BacklogCapital equipment order backlog for Rig Technologies was $3.4 billion as of Sep 30, 2018, including $151 million million worth of new orders.Meanwhile, the Completion & Production Solutions segment reported a backlog of $880 million in capital equipment order at the end of the third quarter. The figure included $372 million of new orders.Balance SheetAs of Sep 30, 2018, the company had cash and cash equivalents of $1.3 billion and long-term debt of $2.7 billion. The debt-to-capitalization ratio was 16.2%.Zacks Rank & Stock PicksNational Oilwell Varco holds a Zacks Rank #3 (Hold).Some better-ranked players in the energy space are oilfield service players Helix Energy Solutions Group, Inc. HLX and Unit Corporation UNT, and energy explorer Magnolia Oil & Gas Corporation MGY. All the companies carry a Zacks Rank #2 (Buy).(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)The 2018 Zacks Consensus Estimate for Helix Energy is 23 cents, representing some 253.3% earnings per share growth over 2017. Next year’s average forecast is 29 cents, pointing to another 26.5% growth.The 2018 Zacks Consensus Estimate for Unit Corporation is 83 cents, representing some 53.7% earnings per share growth over 2017. Next year’s average forecast is $1.12, pointing to another 34.3% growth.Meanwhile, over 30 days, Magnolia Oil & Gas has seen the Zacks Consensus Estimate for 2018 and 2019 increase 13.3% and 12.5%, to $1.70 and $1.80 per share, respectively.The Hottest Tech Mega-Trend of All Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report National Oilwell Varco, Inc. (NOV): Free Stock Analysis Report Helix Energy Solutions Group, Inc. (HLX): Free Stock Analysis Report Unit Corporation (UNT): Free Stock Analysis Report Magnolia Oil & Gas Corp (MGY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research