National Oilwell Varco Announces Third Quarter 2011 Results

25.10.2011 | Business Wire

National Oilwell Varco Announces Third Quarter 2011 Results

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for the
third quarter ended September 30, 2011 it earned net income of $532
million, or $1.25 per fully diluted share, compared to second quarter
ended June 30, 2011 net income of $481 million, or $1.13 per fully
diluted share. Earnings per share increased 30 percent compared to the
third quarter of 2010 and increased 11 percent compared to the second
quarter of 2011.

Transaction charges for the third quarter of 2011 were $6 million
pre-tax. Net income for the third quarter of 2011 excluding transaction
charges was $536 million, or $1.26 per fully diluted share. This
compares to second quarter of 2011 net income of $484 million, or $1.14
per fully diluted share, and third quarter 2010 net income of $406
million or $0.97 per fully diluted share, excluding transaction charges
from all periods.

The Company′s revenues for the third quarter of 2011 were $3.74 billion,
an increase of six percent from the second quarter of 2011 and an
increase of 24 percent from the third quarter of 2010. Operating profit
for the third quarter of 2011 was $778 million or 20.8 percent of sales,
excluding transaction charges. Sequentially, third quarter operating
profit increased nine percent, resulting in operating profit
flow-through (change in operating profit divided by the change in
revenue) of 29 percent, excluding transaction and restructuring charges.
Year-over-year third quarter operating profit increased 30 percent,
resulting in operating profit flow-through of 25 percent, excluding
transaction and restructuring charges.

During the third quarter of 2011 the Company′s Rig Technology segment
booked a record $3.94 billion in new orders. Third quarter capital
equipment orders included the Company′s single largest order ever, a
$1.5 billion order for seven drillship packages for Estaleiro Atlantico
Sul announced in August. Backlog for capital equipment orders for the
Company′s Rig Technology segment at September 30, 2011 was $10.27
billion, up 33 percent from the end of the second quarter of 2011.

Pete Miller, Chairman, President and CEO of National Oilwell Varco,
remarked, 'Strong oil and gas activity and continued outstanding
execution enabled the Company to achieve solid earnings again this
quarter. All three segments posted higher sequential and year-over-year
revenues and operating profit. We are very pleased by the strong
sequential margin expansions posted by our Petroleum Services & Supplies
and Distribution Services segments, as well as the record level of
bookings into our capital equipment backlog for the Rig Technology
segment, during the third quarter. We continue to pursue new orders
aggressively, and remain well-positioned to execute strategic internal
growth and acquisition opportunities.

We recently completed our acquisition of Ameron International
Corporation. We are pleased to welcome Ameron′s employees to the
National Oilwell Varco family, and are excited about jointly tackling
the many new opportunities this combination creates.?

Rig Technology

Third quarter revenues for the Rig Technology segment were $1.97
billion, an increase of four percent from the second quarter of 2011 and
an increase of 19 percent from the third quarter of 2010. Operating
profit for this segment was $528 million, or 26.8 percent of sales.
Operating profit flow-through was 14 percent sequentially and 15 percent
from the third quarter of 2010 to the third quarter of 2011. Revenue out
of backlog for the segment increased one percent sequentially and
increased 22 percent year-over-year, to $1.41 billion for the third
quarter of 2011. Non backlog revenue improved 12 percent sequentially
and 14 percent year-over-year, due to rising demand for aftermarket
spare parts and services.

Petroleum Services & Supplies

Revenues for the third quarter of 2011 for the Petroleum Services &
Supplies segment were $1.46 billion, up seven percent compared to second
quarter 2011 results and up 34 percent from the third quarter of 2010.
Operating profit was $299 million, or 20.5 percent of revenue, up 20
percent from the second quarter of 2011. Operating profit flow-through
was 50 percent sequentially and 36 percent from the third quarter of
2010 to the third quarter of 2011. Rising levels of rig activity,
seasonal recovery in Canada, and improving pricing resulted in higher
revenues and margins for the segment.

Distribution Services

The Distribution Services segment generated third quarter revenues of
$480 million, which were up 13 percent from the second quarter of 2011
and were up 13 percent from the third quarter of 2010. Third quarter
operating profit was $37 million or 7.7 percent of sales. Operating
profit flow-through was 19 percent sequentially and 23 percent from the
third quarter of 2010 to the third quarter of 2011. This segment
benefited from sequential seasonal sales improvements in Canada, as well
as strong sequential gains in U.S. operations on higher rig counts.

The Company has scheduled a conference call for October 25, 2011, at
8:00 a.m. Central Time to discuss third quarter results. The call will
be broadcast through the Investor Relations link on National Oilwell
Varco′s web site at www.nov.com,
and a replay will be available on the site for thirty days following the
conference. Participants may also join the conference call by dialing 1-800-447-0521
within North America or 1-847-413-3238 outside of North America five
to ten minutes prior to the scheduled start time, and ask for the
'National Oilwell Varco Earnings Conference Call.?

National Oilwell Varco is a worldwide leader in the design, manufacture
and sale of equipment and components used in oil and gas drilling and
production operations, the provision of oilfield services, and supply
chain integration services to the upstream oil and gas industry.

Statements made in this press release that are forward-looking in nature
are intended to be 'forward-looking statements' within the meaning of
Section 21E of the Securities Exchange Act of 1934 and may involve risks
and uncertainties. These statements may differ materially from actual
future events or results. Readers are referred to documents filed by
National Oilwell Varco with the Securities and Exchange Commission,
including the Annual Report on Form 10-K, which identify significant
risk factors which could cause actual results to differ from those
contained in the forward-looking statements.

	?	?			?	?	?
NATIONAL OILWELL VARCO, INC. CONSOLIDATED BALANCE SHEETS (In millions, except share data)
								?
			September 30,					December 31,
			2011					2010
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	3,870				$	3,333
Receivables, net				3,109					2,425
Inventories, net				3,907					3,388
Costs in excess of billings				531					815
Deferred income taxes				282					316
Prepaid and other current assets			?	339				?	258
Total current assets				12,038					10,535
								?
Property, plant and equipment, net				1,967					1,840
Deferred income taxes				194					341
Goodwill				5,942					5,790
Intangibles, net				3,995					4,103
Investment in unconsolidated affiliate				371					386
Other assets			?	37				?	55
			$	24,544				$	23,050
								?
LIABILITIES AND STOCKHOLDERS′ EQUITY
								?
Current liabilities:
Accounts payable			$	802				$	628
Accrued liabilities				2,154					2,105
Billings in excess of costs				1,117					511
Current portion of long-term debt and short-term borrowings				2					373
Accrued income taxes				399					468
Deferred income taxes			?	270				?	451
Total current liabilities				4,744					4,536
								?
Long-term debt				510					514
Deferred income taxes				1,776					1,885
Other liabilities			?	275				?	253
Total liabilities			?	7,305				?	7,188
								?
Commitments and contingencies
								?
Stockholders′ equity:
Common stock ? par value $.01; 423,817,646 and 421,141,751 shares
issued and outstanding at September 30, 2011 and December 31, 2010				4					4
Additional paid-in capital				8,513					8,353
Accumulated other comprehensive income				37					91
Retained earnings			?	8,580				?	7,300
Total National Oilwell Varco stockholders′ equity				17,134					15,748
Noncontrolling interests			?	105				?	114
Total stockholders′ equity			?	17,239				?	15,862
			$	24,544				$	23,050

	?	?	?				?	?				?	?				?	?				?	?
?NATIONAL OILWELL VARCO, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share data)
																								?
				Three Months Ended															Nine Months Ended
				September 30,										June 30,					September 30,
				2011					2010					2011					2011					2010
Revenue:
Rig technology				$	1,970				$	1,650				$	1,894				$	5,472				$	5,208
Petroleum services and supplies					1,460					1,089					1,359					4,084					3,045
Distribution services					480					424					423					1,313					1,123
Eliminations				?	(170	)			?	(152	)			?	(163	)			?	(470	)			?	(392	)
																										?
Total revenue					3,740					3,011					3,513					10,399					8,984
																										?
Gross profit					1,170					947					1,087					3,251					2,852
																										?
Gross profit %					31.3	%				31.5	%				30.9	%				31.3	%				31.7	%
																										?
Selling, general, and administrative					392					349					375					1,133					1,012
																										?
Other costs				?	6	?			?	2	?			?	4	?			?	29	?			?	44	?
																										?
Operating profit					772					596					708					2,089					1,796
																										?
Interest and financial costs					(8	)				(12	)				(9	)				(31	)				(38	)
Interest income					5					4					4					13					9
Equity income in unconsolidated affiliate					11					8					10					34					22
Other income (expense), net				?	--	?			?	(23	)			?	(7	)			?	(26	)			?	(15	)
																										?
Income before income taxes					780					573					706					2,079					1,774
																										?
Provision for income taxes				?	252	?			?	169	?			?	226	?			?	667	?			?	552	?
																										?
Net income					528					404					480					1,412					1,222
																								?
Net loss attributable to noncontrolling interests				?	(4	)			?	--	?			?	(1	)			?	(8	)			?	(5	)
																										?
Net income attributable to Company				$	532	?			$	404	?			$	481	?			$	1,420	?			$	1,227	?
																								?
Net income attributable to Company per share:
																								?
Basic				$	1.26	?			$	0.97	?			$	1.14	?			$	3.37	?			$	2.94	?
																								?
Diluted				$	1.25	?			$	0.96	?			$	1.13	?			$	3.35	?			$	2.93	?
																								?
Weighted average shares outstanding:
																								?
Basic				?	422	?			?	417	?			?	422	?			?	421	?			?	417	?
																								?
Diluted				?	425	?			?	419	?			?	425	?			?	424	?			?	419	?

	?	?				?	?				?	?				?	?				?	?
NATIONAL OILWELL VARCO, INC. OPERATING PROFIT ? ? ?AS ADJUSTED SUPPLEMENTAL SCHEDULE (Unaudited) (In millions)
																							?
			Three Months Ended															Nine Months Ended
			September 30,										June 30,					September 30,
			2011					2010					2011					2011					2010
																							?
Revenue:
Rig technology			$	1,970				$	1,650				$	1,894				$	5,472				$	5,208
Petroleum services and supplies				1,460					1,089					1,359					4,084					3,045
Distribution services				480					424					423					1,313					1,123
Eliminations			?	(170	)			?	(152	)			?	(163	)			?	(470	)			?	(392	)
Total revenue			$	3,740	?			$	3,011	?			$	3,513	?			$	10,399	?			$	8,984	?
																							?
Operating profit:
Rig technology			$	528				$	480				$	517				$	1,467				$	1,570
Petroleum services and supplies				299					164					249					794					415
Distribution services				37					24					26					91					48
Unallocated expenses and eliminations			?	(86	)			?	(70	)			?	(80	)			?	(234	)			?	(193	)
Total operating profit (before other costs)			$	778	?			$	598	?			$	712	?			$	2,118	?			$	1,840	?
																							?
Operating profit %:
Rig technology				26.8	%				29.1	%				27.3	%				26.8	%				30.1	%
Petroleum services and supplies				20.5	%				15.1	%				18.3	%				19.4	%				13.6	%
Distribution services				7.7	%				5.7	%				6.1	%				6.9	%				4.3	%
Other unallocated			?	--	?			?	--	?			?	--	?			?	--	?			?	--	?
Total operating profit % (before other costs)			?	20.8	%			?	19.9	%			?	20.3	%			?	20.4	%			?	20.5	%

	?	?			?	?			?	?			?	?			?	?
NATIONAL OILWELL VARCO, INC. AS ADJUSTED EBITDA RECONCILIATION EXCLUDING OTHER COSTS (Unaudited) (In millions)
																			?
			Three Months Ended												Nine Months Ended
			September 30,								June 30,				September 30,
			2011				2010				2011				2011				2010
																			?
Reconciliation of EBITDA excluding other costs (Note 1):
GAAP net income attributable to Company			$	532			$	404			$	481			$	1,420			$	1,227
Provision for income taxes				252				169				226				667				552
Interest expense				8				12				9				31				38
Depreciation and amortization			?	140			?	127			?	138			?	413			?	378
EBITDA				932				712				854				2,531				2,195
																			?
Other costs:
Transaction costs				6				2				4				12				6
Libya asset write-down				--				--				--				17				--
Devaluation costs			?	--			?	--			?	--			?	--			?	38
EBITDA excluding other costs (Note 1)			$	938			$	714			$	858			$	2,560			$	2,239
																				?

Note 1: EBITDA excluding other costs means earnings before interest,
taxes, depreciation, amortization, and other costs, and is a non-GAAP
financial measurement. Management uses EBITDA excluding other costs
because it believes it provides useful supplemental information
regarding the Company′s on-going economic performance and, therefore,
uses this financial measure internally to evaluate and manage the
Company′s operations. The Company has chosen to provide this information
to investors to enable them to perform more meaningful comparisons of
operating results and as a means to emphasize the results of on-going
operations.

National Oilwell Varco, Inc.

Clay Williams, (713) 346-7606

Clay.Williams@nov.com

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