National Oilwell Varco Announces Fourth Quarter and Full Year 2011 Earnings

02.02.2012 | Business Wire

National Oilwell Varco Announces Fourth Quarter and Full Year 2011 Earnings

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for the
fourth quarter ended December 31, 2011 it earned net income of $574
million, or $1.35 per fully diluted share. Earnings improved eight
percent compared to third quarter of 2011, and improved 30 percent
compared to the fourth quarter of 2010. Excluding $12 million in pre-tax
transaction charges in the fourth quarter of 2011, net income was $583
million, or $1.37 per fully diluted share, up nine percent from the
third quarter of 2011, and up 30 percent from the fourth quarter of
2010, excluding transaction charges from all periods.

Revenues reported for the full year 2011 were $14.66 billion, and net
income was $1.99 billion, or $4.70 per fully diluted share. Operating
profit for the full year 2011 was $2.94 billion. Excluding $41 million
in pre-tax transaction charges in 2011, net income was $2.02 billion, or
$4.77 per fully diluted share, and operating profit was $2.98 billion or
20.3 percent of sales, for the full year 2011.

Revenues for the fourth quarter increased 14 percent sequentially to
$4.26 billion. Operating profit for the fourth quarter, excluding
transaction charges, was $860 million or 20.2 percent of sales, up 11
percent from the third quarter of 2011. Operating profit flow-through,
or the change in operating profit divided by the change in revenue, was
16 percent from the third quarter of 2011 to the fourth quarter of 2011,
and was 22 percent from the fourth quarter of 2010 to the fourth quarter
of 2011, excluding transaction charges from all periods. The Company′s
acquisition of Ameron was completed on October 5, 2011 and contributed
to its sequential growth in revenues.

Backlog for capital equipment orders for the Company′s Rig Technology
segment at December 31, 2011 was $10.16 billion, down one percent from
the third quarter of 2011, but double year-earlier levels. New orders
during the quarter were $1.67 billion, reflecting continued good demand
for oilfield equipment.

Pete Miller, Chairman, President and CEO of National Oilwell Varco,
remarked, 'We achieved solid results in 2011. The Company posted record
revenues, net income, and orders for capital equipment, which at $10.8
billion for the year handily beat our previous high of $7.3 billion. We
used the year to focus on efficiency and technology, while continuing to
invest for future growth, to position National Oilwell Varco to
capitalize on extraordinary opportunities emerging in the oil and gas
industry.

We enter 2012 with strong financial resources, $3.5 billion in cash, a
solid backlog, and an experienced team capable of delivering great
service and products to our customers. We believe that the oil and gas
industry will continue to need to upgrade the world′s rig fleet, and we
look forward to continuing to help our customers retool their rigs to
improve safety, reduce environmental impact, and drive higher
efficiency. I thank all of our dedicated employees for their hard work
and outstanding execution this year.?

Rig Technology

Fourth quarter revenues for the Rig Technology segment were $2.32
billion, an increase of 18 percent from the third quarter of 2011 and an
increase of 32 percent from the fourth quarter of 2010. Operating profit
for this segment was $603 million, or 26.0 percent of sales, an increase
of 14 percent from the third quarter of 2011 and an increase of 20
percent from the fourth quarter of 2010. Sequential operating profit
flow-through was 22 percent. Year-over-year operating profit
flow-through was 18 percent. Revenue out of backlog for the segment
increased 26 percent sequentially and increased 40 percent
year-over-year, to $1.78 billion for the fourth quarter of 2011.

Petroleum Services & Supplies

Revenues for the fourth quarter of 2011 for the Petroleum Services &
Supplies segment were $1.57 billion, up eight percent compared to third
quarter 2011 results and up 38 percent compared to fourth quarter 2010
results. Operating profit was $301 million, or 19.2 percent of sales,
essentially flat from the third quarter of 2011 and an increase of 77
percent from the fourth quarter of 2010. Operating profit flow-through
was two percent from the prior quarter, and 30 percent from the fourth
quarter of 2010 to the fourth quarter of 2011. Reported fourth quarter
results for Petroleum Services & Supplies include the Fiberglass
Composite Pipe segment of Ameron from the acquisition date, which
contributed $71 million in revenue to the segment in the quarter.

Distribution & Transmission

Fourth quarter revenues for the Distribution & Transmission segment were
$560 million, up 17 percent from the third quarter of 2011 and up 32
percent from the fourth quarter of 2010. Fourth quarter operating profit
was $45 million or 8.0 percent of sales. Operating profit flow-through
was 10 percent sequentially, and 11 percent from the fourth quarter of
2010 to the fourth quarter of 2011. Reported fourth quarter results for
Distribution & Transmission include the Water Transmission and
Infrastructure Products segments of Ameron from the acquisition date,
which contributed $70 million in revenue in the quarter.

The Company has scheduled a conference call for February 2, 2012, at
8:00 a.m. Central Time to discuss fourth quarter and 2011 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 outside
of North Americafive 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)
							?
		December 31,					December 31,
		2011					2010
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	3,535				$	3,333
Receivables, net			3,291					2,425
Inventories, net			4,030					3,388
Costs in excess of billings			593					815
Deferred income taxes			336					316
Prepaid and other current assets		?	325	?			?	258
Total current assets			12,110					10,535
							?
Property, plant and equipment, net			2,445					1,840
Deferred income taxes			267					341
Goodwill			6,151					5,790
Intangibles, net			4,073					4,103
Investment in unconsolidated affiliates			391					386
Other assets		?	78	?			?	55
		$	25,515	?			$	23,050
							?
LIABILITIES AND STOCKHOLDERS′ EQUITY
							?
Current liabilities:
Accounts payable		$	901				$	628
Accrued liabilities			2,376					2,105
Billings in excess of costs			865					511
Current portion of long-term debt and short-term borrowings			351					373
Accrued income taxes			709					468
Deferred income taxes		?	214	?			?	451
Total current liabilities			5,416					4,536
							?
Long-term debt			159					514
Deferred income taxes			1,852					1,885
Other liabilities		?	360	?			?	253
Total liabilities		?	7,787	?			?	7,188
							?
Commitments and contingencies
							?
Stockholders′ equity:
Common stock ? par value $.01; 423,900,601 and 421,141,751 shares
issued and outstanding at December 31, 2011 and December 31, 2010			4					4
Additional paid-in capital			8,535					8,353
Accumulated other comprehensive (loss) income			(23	)				91
Retained earnings		?	9,103	?			?	7,300
Total National Oilwell Varco stockholders′ equity			17,619					15,748
Noncontrolling interests		?	109	?			?	114
Total stockholders′ equity		?	17,728	?			?	15,862
		$	25,515	?			$	23,050

	?				?	?				?	?				?	?				?	?
NATIONAL OILWELL VARCO, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share data)
																						?
		Three Months Ended															Years Ended
		December 31,										September 30,					December 31,
		2011					2010					2011					2011					2010
Revenue:
Rig Technology		$	2,316				$	1,757				$	1,970				$	7,788				$	6,965
Petroleum Services & Supplies			1,570					1,137					1,460					5,654					4,182
Distribution & Transmission			560					423					480					1,873					1,546
Eliminations		?	(187	)			?	(145	)			?	(170	)			?	(657	)			?	(537	)
Total revenue			4,259					3,172					3,740					14,658					12,156
Gross profit			1,287					998					1,170					4,538					3,850
Gross profit %			30.2	%				31.5	%				31.3	%				31.0	%				31.7	%
Selling, general, and administrative			427					373					392					1,560					1,385
Other costs		?	12	?			?	1	?			?	6	?			?	41	?			?	45	?
Operating profit			848					624					772					2,937					2,420
Interest and financial costs			(9	)				(12	)				(8	)				(40	)				(50	)
Interest income			5					4					5					18					13
Equity income in unconsolidated affiliates			12					14					11					46					36
Other income (expense), net		?	(13	)			?	(7	)			?	-	?			?	(39	)			?	(22	)
Income before income taxes			843					623					780					2,922					2,397
Provision for income taxes		?	270	?			?	186	?			?	252	?			?	937	?			?	738	?
Net income			573					437					528					1,985					1,659
																						?
Net loss attributable to noncontrolling interests		?	(1	)			?	(3	)			?	(4	)			?	(9	)			?	(8	)
Net income attributable to Company		$	574	?			$	440	?			$	532	?			$	1,994	?			$	1,667	?
																						?
Net income attributable to Company per share:
																						?
Basic		$	1.36	?			$	1.05	?			$	1.26	?			$	4.73	?			$	3.99	?
																						?
Diluted		$	1.35	?			$	1.05	?			$	1.25	?			$	4.70	?			$	3.98	?
																						?
Weighted average shares outstanding:
																						?
Basic		?	422	?			?	418	?			?	422	?			?	422	?			?	417	?
																						?
Diluted		?	425	?			?	421	?			?	425	?			?	424	?			?	419	?

	?	?				?	?				?	?				?	?				?	?
NATIONAL OILWELL VARCO, INC. OPERATING PROFIT ?AS ADJUSTED SUPPLEMENTAL SCHEDULE (Unaudited) (In millions)
																							?
			Three Months Ended															Years Ended
			December 31,										September 30,					December 31,
			2011					2010					2011					2011					2010
																							?
Revenue:
Rig Technology			$	2,316				$	1,757				$	1,970				$	7,788				$	6,965
Petroleum Services & Supplies				1,570					1,137					1,460					5,654					4,182
Distribution & Transmission				560					423					480					1,873					1,546
Eliminations			?	(187	)			?	(145	)			?	(170	)			?	(657	)			?	(537	)
Total revenue			$	4,259	?			$	3,172	?			$	3,740	?			$	14,658	?			$	12,156	?
																							?
Operating profit:
Rig Technology			$	603				$	501				$	528				$	2,070				$	2,071
Petroleum Services & Supplies				301					170					299					1,095					585
Distribution & Transmission				45					30					37					136					78
Unallocated expenses and eliminations			?	(89	)			?	(76	)			?	(86	)			?	(323	)			?	(269	)
Total operating profit (before other costs)			$	860	?			$	625	?			$	778	?			$	2,978	?			$	2,465	?
Operating profit %:
Rig Technology				26.0	%				28.5	%				26.8	%				26.6	%				29.7	%
Petroleum Services & Supplies				19.2	%				15.0	%				20.5	%				19.4	%				14.0	%
Distribution & Transmission				8.0	%				7.1	%				7.7	%				7.3	%				5.0	%
Other unallocated			?	--	?			?	--	?			?	--	?			?	--	?			?	--	?
																							?
Total operating profit % (before other costs)			?	20.2	%			?	19.7	%			?	20.8	%			?	20.3	%			?	20.3	%

	?	?			?	?			?	?			?	?			?	?
NATIONAL OILWELL VARCO, INC. AS ADJUSTED EBITDA RECONCILIATION EXCLUDING OTHER COSTS (Unaudited) (In millions)
																			?
			Three Months Ended												Years Ended
			December 31,								September 30,				December 31,
			2011				2010				2011				2011				2010
																			?
Reconciliation of EBITDA excluding other costs (Note 1):
GAAP net income attributable to Company			$	574			$	440			$	532			$	1,994			$	1,667
Provision for income taxes				270				186				252				937				738
Interest expense				9				12				8				40				50
Depreciation and amortization			?	142			?	129			?	140			?	555			?	507
EBITDA				995				767				932				3,526				2,962
																			?
Other costs:
Transaction costs				12				1				6				24				7
Libya asset write-down				--				--				--				17				--
Devaluation costs			?	--			?	--			?	--			?	--			?	38
EBITDA excluding other costs (Note 1)			$	1,007			$	768			$	938			$	3,567			$	3,007
																				?

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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