National Oilwell Varco Announces First Quarter 2012 Earnings and Backlog

25.04.2012 | Business Wire

National Oilwell Varco Announces First Quarter 2012 Earnings and Backlog

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for its
first quarter ended March 31, 2012 it earned net income of $606 million,
or $1.42 per fully diluted share, compared to fourth quarter ended
December 31, 2011 net income of $574 million, or $1.35 per fully diluted
share. The first quarter 2012 results included transaction costs
totaling $7 million pre-tax, and, excluding these, earnings were $612
million, or $1.44 per fully diluted share. Earnings per share improved
44 percent from the first quarter of 2011 and five percent from the
fourth quarter of 2011, excluding transaction and devaluation charges
from all periods.

Revenues for the first quarter of 2012 were $4.3 billion, an increase of
one percent from the fourth quarter of 2011 and an increase of 37
percent from the first quarter of 2011. Operating profit for the
quarter, excluding the transaction and devaluation charges, was $881
million, or 20.5 percent of sales. Sequentially, first quarter operating
profit increased two percent, resulting in operating profit flow-through
(change in operating profit divided by the change in revenue) of 48
percent, excluding transaction and devaluation charges. Year-over-year
first quarter operating profit increased 40 percent, resulting in
operating profit flow-through of 22 percent, excluding transaction and
devaluation charges.

Capital equipment orders for the Company′s Rig Technology segment
increased 15 percent sequentially to $1.91 billion during the first
quarter, reflecting higher demand for drilling equipment for new build
offshore rigs. At March 31, 2012 the segment′s backlog was $10.36
billion, up two percent from the end of the fourth quarter.

Pete Miller, Chairman, President and CEO of National Oilwell Varco,
remarked, 'Our Company got off to a good start in the first quarter of
2012, with strong results in all three segments. Our Petroleum Services
& Supplies group performed exceptionally well, helped by high levels of
oilfield activity which is spurring demand for all our products and
services. National Oilwell Varco continues to provide critical, enabling
technologies to improve the efficiency and safety of oil and gas
operations around the globe.

Our outlook for demand for our capital equipment is very strong and our
expectations high for the remainder of the year. Overall, efficient
execution of orders in our backlog, innovation in our leading
technologies, commitment to great service, and, most importantly, the
hard work of the best team in the industry, led to solid earnings again
this quarter.?

Rig Technology

First quarter revenues for the Rig Technology segment were $2.26
billion, a decrease of two percent from the fourth quarter of 2011 and
an increase of 40 percent from the first quarter of 2011. Operating
profit for this segment was $551 million, or 24.4 percent of sales.
Operating profit flow-through was 20 percent from the first quarter of
2011 to the first quarter of 2012. Revenue out of backlog for the
segment increased 52 percent year-over-year, and was down four percent
from the fourth quarter of 2011, to $1.71 billion for the first quarter
of 2012.

Petroleum Services & Supplies

Revenues for the first quarter of 2012 for the Petroleum Services &
Supplies segment were $1.70 billion, up nine percent compared to fourth
quarter 2011 results and up 35 percent from the first quarter of 2011.
Operating profit was $388 million, or 22.8 percent of revenue, an
increase of 29 percent from the fourth quarter of 2011. Operating profit
flow-through was 65 percent sequentially and 32 percent from the first
quarter of 2011 to the first quarter of 2012.

Distribution & Transmission

The Distribution & Transmission segment generated first quarter revenues
of $564 million, which were essentially flat from the fourth quarter of
2011 and represented a 38 percent increase from the first quarter of
2011. First quarter operating profit was $43 million, or 7.6 percent of
sales. Operating profit flow-through was 10 percent from the first
quarter of 2011 to the first quarter of 2012.

The Company has scheduled a conference call for April 25, 2012, at 8:00
a.m. Central Time to discuss first 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)
							?
			March 31,				December 31,
			2012				2011
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	3,390			$	3,535
Receivables, net				3,330				3,291
Inventories, net				4,528				4,030
Costs in excess of billings				810				593
Deferred income taxes				352				336
Prepaid and other current assets			?	426			?	325	?
Total current assets				12,836				12,110
							?
Property, plant and equipment, net				2,531				2,445
Deferred income taxes				204				267
Goodwill				6,206				6,151
Intangibles, net				4,004				4,073
Investment in unconsolidated affiliate				409				391
Other assets			?	97			?	78	?
			$	26,287			$	25,515	?
							?
LIABILITIES AND STOCKHOLDERS′ EQUITY
							?
Current liabilities:
Accounts payable			$	1,009			$	901
Accrued liabilities				2,172				2,376
Billings in excess of costs				965				865
Current portion of long-term debt and short-term borrowings				351				351
Accrued income taxes				649				709
Deferred income taxes			?	299			?	214	?
Total current liabilities				5,445				5,416
							?
Long-term debt				159				159
Deferred income taxes				1,847				1,852
Other liabilities			?	316			?	360	?
Total liabilities			?	7,767			?	7,787	?
							?
Commitments and contingencies
							?
Stockholders′ equity:
Common stock ? par value $.01; 426,184,373 and 423,900,601 shares
issued and outstanding at March 31, 2012 and December 31, 2011				4				4
Additional paid-in capital				8,650				8,535
Accumulated other comprehensive income (loss)				104				(23	)
Retained earnings			?	9,658			?	9,103	?
Total Company stockholders′ equity				18,416				17,619
Noncontrolling interests			?	104			?	109	?
Total stockholders′ equity			?	18,520			?	17,728	?
			$	26,287			$	25,515	?

	?	?				?	?				?	?
NATIONAL OILWELL VARCO, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share data)
?
			Three Months Ended
			March 31,										December 31,
			2012					2011					2011
													?
Revenue:
Rig Technology			$	2,259				$	1,608				$	2,316
Petroleum Services & Supplies				1,704					1,265					1,570
Distribution & Transmission				564					410					560
Eliminations			?	(224	)			?	(137	)			?	(187	)
Total revenue				4,303					3,146					4,259
Gross profit				1,271					994					1,287
Gross profit %				29.5	%				31.6	%				30.2	%
Selling, general, and administrative				390					366					427
Transaction and devaluation costs			?	7	?			?	19	?			?	12	?
Operating profit				874					609					848
													?
Interest and financial costs				(8	)				(14	)				(9	)
Interest income				3					4					5
Equity income in unconsolidated affiliate				17					13					12
Other income (expense), net			?	(13	)			?	(19	)			?	(13	)
Income before income taxes				873					593					843
Provision for income taxes			?	269	?			?	189	?			?	270	?
Net income				604					404					573
Net loss attributable to noncontrolling interests			?	(2	)			?	(3	)			?	(1	)
Net income attributable to Company			$	606	?			$	407	?			$	574	?
													?
Net income attributable to Company per share:
													?
Basic			$	1.43	?			$	0.97	?			$	1.36	?
													?
Diluted			$	1.42	?			$	0.96	?			$	1.35	?
													?
Weighted average shares outstanding:
													?
Basic			?	423	?			?	420	?			?	422	?
													?
Diluted			?	426	?			?	423	?			?	425	?

	?	?				?	?				?	?
NATIONAL OILWELL VARCO, INC. OPERATING PROFIT ? AS ADJUSTED SUPPLEMENTAL SCHEDULE (Unaudited) (In millions)
?
			Three Months Ended
			March 31,										December 31,
			2012					2011					2011
													?
Revenue:
Rig Technology			$	2,259				$	1,608				$	2,316
Petroleum Services & Supplies				1,704					1,265					1,570
Distribution & Transmission				564					410					560
Eliminations			?	(224	)			?	(137	)			?	(187	)
Total Revenue			$	4,303	?			$	3,146	?			$	4,259	?
													?
Operating profit:
Rig Technology			$	551				$	422				$	603
Petroleum Services & Supplies				388					246					301
Distribution & Transmission				43					28					45
Unallocated expenses and eliminations			?	(101	)			?	(68	)			?	(89	)
Total operating profit (before other costs)			$	881	?			$	628	?			$	860	?
													?
Operating profit %:
Rig Technology				24.4	%				26.2	%				26.0	%
Petroleum Services & Supplies				22.8	%				19.4	%				19.2	%
Distribution & Transmission				7.6	%				6.8	%				8.0	%
Other unallocated			?	--	?			?	--	?			?	--	?
													?
Total operating profit % (before other costs)			?	20.5	%			?	20.0	%			?	20.2	%

	?	?			?	?			?	?
NATIONAL OILWELL VARCO, INC. AS ADJUSTED EBITDA RECONCILIATION EXCLUDING TRANSACTION AND DEVALUATION COSTS (Unaudited) (In millions)
											?
			Three Months Ended
			March 31,								December 31,
			2012				2011				2011
											?
Reconciliation of EBITDA excluding other costs (Note 1):
GAAP net income attributable to Company			$	606			$	407			$	574
Provision for income taxes				269				189				270
Interest expense				8				14				9
Depreciation and amortization			?	148			?	135			?	142
EBITDA				1,031				745				995
											?
Other costs:
Transaction costs				7				2				12
Libya asset write-down			?	--			?	17			?	--
EBITDA excluding other costs (Note 1)			$	1,038			$	764			$	1,007
												?

Note 1: EBITDA means earnings before taxes, interest, depreciation,
amortization, and other costs, and is a non-GAAP measurement. Management
uses EBITDA 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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