National Oilwell Varco Announces Second Quarter 2012 Earnings

26.07.2012 | Business Wire

National Oilwell Varco Announces Second Quarter 2012 Earnings

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for its
second quarter ended June 30, 2012 it earned net income of $605 million,
or $1.42 per fully diluted share. Earnings per share increased 26
percent compared to the second quarter of 2011 and were sequentially
flat compared to the first quarter of 2012. Excluding transaction
charges of $28 million pre-tax, second quarter 2012 net income was $626
million, or $1.46 per fully diluted share.

The Company′s revenues for the second quarter of 2012 were $4.7 billion,
which improved 10 percent from the first quarter of 2012 and 35 percent
from the second quarter of 2011. Operating profit for the second quarter
of 2012 was $907 million or 19.2 percent of sales, excluding transaction
charges. Year-over-year second quarter operating profit increased 27
percent and sequentially second quarter operating profit increased three
percent.

Backlog for capital equipment orders for the Company′s Rig Technology
segment was $11.28 billion at June 30, 2012, up nine percent from the
end of the first quarter and up 46 percent from the end of the second
quarter of 2011. During the second quarter of 2012 the Company′s Rig
Technology segment booked incoming new capital equipment orders of $2.73
billion (through a combination of $2.22 billion in new orders and $0.51
billion in orders through acquisitions completed during the quarter)
offset by revenues out of backlog of $1.82 billion.

Pete Miller, Chairman, President and CEO of National Oilwell Varco,
remarked, 'Our Company achieved strong earnings this quarter, thanks to
the hard work of our many dedicated employees. All three segments posted
higher sequential and year-over-year revenues and operating profit, and
we are pleased at the high level of demand we continue to see for new
drilling equipment.

The Company continues to expand organically as well as through
acquisitions. We closed six transactions during the quarter for total
consideration of $2.0 billion, to strengthen the technology, product and
service offerings we provide our oil and gas customers around the globe.
Most markets we serve have remained buoyant, despite lower commodity
prices, and we therefore expect solid results for the second half of the
year.?

Rig Technology

Second quarter revenues for the Rig Technology segment were $2.41
billion, an increase of six percent from the first quarter of 2012 and
an increase of 27 percent from the second quarter of 2011. Operating
profit for this segment was $571 million, or 23.7 percent of revenue.
Operating profit flow-through (change in operating profit divided by the
change in revenue) was 14 percent sequentially and 11 percent from the
second quarter of 2011 to the second quarter of 2012. Excluding results
from two acquisitions closed during the quarter, sales increased two
percent at 31 percent flow-through, for 24.5 percent operating margin.
Revenue out of backlog for the segment increased six percent
sequentially and increased 31 percent year-over-year, to $1.82 billion
for the second quarter of 2012.

Petroleum Services & Supplies

Revenues for the second quarter of 2012 for the Petroleum Services &
Supplies segment were $1.78 billion, up four percent compared to first
quarter 2012 results and up 31 percent from the second quarter of 2011.
Operating profit was $393 million, or 22.1 percent of revenue, an
increase of one percent from the first quarter of 2012 and an increase
of 58 percent from the second quarter of 2011. Operating profit
flow-through was 35 percent from the second quarter of 2011 to the
second quarter of 2012, and seven percent from the first quarter of 2012
to the second quarter of 2012. Higher sequential sales in the U.S. and
modest growth in international markets were partly offset by second
quarter seasonal declines in Canada.

Distribution & Transmission

The Distribution & Transmission segment generated second quarter
revenues of $780 million, which were up 38 percent from the first
quarter of 2012 and up 84 percent from the second quarter of 2011, due
mostly to one-month′s contribution of Wilson Supply, acquired during the
quarter. Second quarter operating profit was $54 million or 6.9 percent
of revenue, up 26 percent from the first quarter of 2012 and up 108
percent from the second quarter of 2011. Sequential flow-through was
five percent, and year-over-year flow-through was eight percent.
Excluding results from the acquisition, revenues grew five percent at 14
percent flow-through, as strong domestic and international sales fully
offset the seasonal break-up declines in Canada.

The Company has scheduled a conference call for July 26, 2012, at 8:00
a.m. Central Time to discuss second 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 1-847-413-3238outside 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)
?
	?	?	?	?	June 30,			?	?	?	December 31,
					2012						2011
					(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents					$	1,917					$	3,535
Receivables, net						3,860						3,291
Inventories, net						5,501						4,030
Costs in excess of billings						953						593
Deferred income taxes						284						336
Prepaid and other current assets					?	499	?				?	325	?
Total current assets						13,014						12,110
											?
Property, plant and equipment, net						2,700						2,445
Deferred income taxes						238						267
Goodwill						6,917						6,151
Intangibles, net						4,512						4,073
Investment in unconsolidated affiliates						365						391
Other assets					?	87	?				?	78	?
					$	27,833	?				$	25,515	?
											?
LIABILITIES AND STOCKHOLDERS′ EQUITY
											?
Current liabilities:
Accounts payable					$	1,265					$	901
Accrued liabilities						2,421						2,376
Billings in excess of costs						1,075						865
Current portion of long-term debt and short-term borrowings						1,289						351
Accrued income taxes						207						709
Deferred income taxes					?	224	?				?	214	?
Total current liabilities						6,481						5,416
											?
Long-term debt						159						159
Deferred income taxes						1,935						1,852
Other liabilities					?	327	?				?	360	?
Total liabilities					?	8,902	?				?	7,787	?
											?
Commitments and contingencies
											?
Stockholders′ equity:
Common stock ? par value $.01; 426,371,654 and 423,900,601 shares
issued and outstanding at June 30, 2012 and December 31, 2011						4						4
Additional paid-in capital						8,673						8,535
Accumulated other comprehensive loss						(69	)					(23	)
Retained earnings					?	10,212	?				?	9,103	?
Total National Oilwell Varco stockholders′ equity						18,820						17,619
Noncontrolling interests					?	111	?				?	109	?
Total stockholders′ equity					?	18,931	?				?	17,728	?
					$	27,833	?				$	25,515	?
													?

?
NATIONAL OILWELL VARCO, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In millions, except per share data)
?
	?	?	?	?	Three Months Ended															?	?	?	Six Months Ended
					June 30,									?	?	?	March 31,						June 30,
					2012			?	?	?	2011						2012						2012			?	?	?	2011
Revenue:
Rig Technology					$	2,405					$	1,894					$	2,259					$	4,664					$	3,502
Petroleum Services & Supplies						1,776						1,359						1,704						3,480						2,624
Distribution & Transmission						780						423						564						1,344						833
Eliminations					?	(227	)				?	(163	)				?	(224	)				?	(451	)				?	(300	)
																															?
Total revenue						4,734						3,513						4,303						9,037						6,659
																															?
Gross profit						1,321						1,087						1,271						2,592						2,081
																															?
Gross profit %						27.9	%					30.9	%					29.5	%					28.7	%					31.3	%
																															?
Selling, general, and administrative						414						375						390						804						741
																															?
Other costs					?	28	?				?	4	?				?	7	?				?	35	?				?	23	?
																															?
Operating profit						879						708						874						1,753						1,317
																															?
Interest and financial costs						(9	)					(9	)					(8	)					(17	)					(23	)
Interest income						3						4						3						6						8
Equity income in unconsolidated affiliates						19						10						17						36						23
Other income (expense), net					?	(5	)				?	(7	)				?	(13	)				?	(18	)				?	(26	)
																															?
Income before income taxes						887						706						873						1,760						1,299
																															?
Provision for income taxes					?	285	?				?	226	?				?	269	?				?	554	?				?	415	?
																															?
Net income						602						480						604						1,206						884
																													?
Net loss attributable to noncontrolling interests					?	(3	)				?	(1	)				?	(2	)				?	(5	)				?	(4	)
																															?
Net income attributable to Company					$	605	?				$	481	?				$	606	?				$	1,211	?				$	888	?
																													?
Net income attributable to Company per share:
																													?
Basic					$	1.42	?				$	1.14	?				$	1.43	?				$	2.85	?				$	2.11	?
																													?
Diluted					$	1.42	?				$	1.13	?				$	1.42	?				$	2.84	?				$	2.10	?
																													?
Weighted average shares outstanding:
																													?
Basic					?	425	?				?	422	?				?	423	?				?	424	?				?	421	?
																													?
Diluted					?	427	?				?	425	?				?	426	?				?	426	?				?	424	?
																															?

?
NATIONAL OILWELL VARCO, INC.
OPERATING PROFIT ? AS ADJUSTED SUPPLEMENTAL SCHEDULE (Unaudited)
(In millions)
?
	?	?	?	?	Three Months Ended															?	?	?	Six Months Ended
					June 30,									?	?	?	March 31,						June 30,
					2012			?	?	?	2011						2012						2012			?	?	?	2011
																													?
Revenue:
Rig Technology					$	2,405					$	1,894					$	2,259					$	4,664					$	3,502
Petroleum Services & Supplies						1,776						1,359						1,704						3,480						2,624
Distribution & Transmission						780						423						564						1,344						833
Eliminations					?	(227	)				?	(163	)				?	(224	)				?	(451	)				?	(300	)
Total revenue					$	4,734	?				$	3,513	?				$	4,303	?				$	9,037	?				$	6,659	?
																													?
Operating profit:
Rig Technology					$	571					$	517					$	551					$	1,122					$	939
Petroleum Services & Supplies						393						249						388						781						495
Distribution & Transmission						54						26						43						97						54
Unallocated expenses and eliminations					?	(111	)				?	(80	)				?	(101	)				?	(212	)				?	(148	)
Total operating profit (before other costs)					$	907	?				$	712	?				$	881	?				$	1,788	?				$	1,340	?
Operating profit %:
Rig Technology						23.7	%					27.3	%					24.4	%					24.1	%					26.8	%
Petroleum Services & Supplies						22.1	%					18.3	%					22.8	%					22.4	%					18.9	%
Distribution & Transmission						6.9	%					6.1	%					7.6	%					7.2	%					6.5	%
Other unallocated					?	--	?				?	--	?				?	--	?				?	--	?				?	--	?
																													?
Total operating profit % (before other costs)					?	19.2	%				?	20.3	%				?	20.5	%				?	19.8	%				?	20.1	%
																															?

?
NATIONAL OILWELL VARCO, INC.
AS ADJUSTED EBITDA RECONCILIATION EXCLUDING OTHER COSTS
(Unaudited)
(In millions)
?
	?	?	?	?	Three Months Ended												?	?	?	Six Months Ended
					June 30,							?	?	?	March 31,					June 30,
					2012		?	?	?	2011					2012					2012		?	?	?	2011
																									?
Reconciliation of EBITDA excluding
other costs (Note 1):
GAAP net income attributable to Company					$	605				$	481				$	606				$	1,211				$	888
Provision for income taxes						285					226					269					554					415
Interest expense						9					9					8					17					23
Depreciation and amortization					?	157				?	138				?	148				?	305				?	273
EBITDA						1,056					854					1,031					2,087					1,599
Other costs:
Transaction costs						28					4					7					35					6
Libya asset write-down					?	--				?	--				?	--				?	--				?	17
EBITDA excluding other costs (Note 1)					$	1,084				$	858				$	1,038				$	2,122				$	1,622

	?
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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