National Oilwell Varco Announces Third Quarter 2012 Results

25.10.2012 | Business Wire

National Oilwell Varco Announces Third Quarter 2012 Results

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for the
third quarter ended September 30, 2012 it earned net income of $612
million, or $1.43 per fully diluted share, compared to second quarter
ended June 30, 2012 net income of $605 million, or $1.42 per fully
diluted share. Earnings per share increased 14 percent compared to the
third quarter 2011 earnings of $1.25 per fully diluted share.

Transaction charges for the third quarter of 2012 were $57 million
pre-tax. Net income for the third quarter of 2012 excluding transaction
charges was $650 million, or $1.52 per fully diluted share. This
compares to second quarter of 2012 net income of $626 million, or $1.46
per fully diluted share, and third quarter 2011 net income of $536
million or $1.26 per fully diluted share, excluding transaction charges
from all periods.

The Company′s revenues for the third quarter of 2012 were $5.3 billion,
an increase of 12 percent from the second quarter of 2012 and an
increase of 42 percent from the third quarter of 2011. Operating profit
for the third quarter of 2012 was $946 million or 17.8 percent of sales,
excluding transaction charges. Sequentially, third quarter operating
profit increased four percent, resulting in operating profit
flow-through (change in operating profit divided by the change in
revenue) of seven percent, excluding transaction charges. Year-over-year
third quarter operating profit increased 22 percent, resulting in
operating profit flow-through of 11 percent, excluding transaction
charges.

During the third quarter of 2012 the Company′s Rig Technology segment
booked $2.29 billion in new orders. Backlog for capital equipment orders
for the Company′s Rig Technology segment at September 30, 2012 was
$11.66 billion, up three percent from the end of the second quarter of
2012.

Pete Miller, Chairman, President and CEO of National Oilwell Varco,
remarked, 'Outstanding execution enabled the Company to achieve solid
earnings again this quarter. We are pleased by the level of bookings
into our capital equipment backlog for the Rig Technology segment during
the third quarter. We continue to see steady activity around new orders,
and expect high demand for deepwater rigs to drive solid orders again in
the fourth quarter. Demand for other NOV products and services continued
to grow in international markets, but softening demand in North America
partly offset this trend during the third quarter.

Our Company has completed a number of strategic initiatives this year,
and I am pleased to report that these are going very well. Our
investments will further strengthen National Oilwell Varco′s
capabilities to service our customers, as well as provide future
opportunities for our employees and earnings growth for our
shareholders.?

Rig Technology

Third quarter revenues for the Rig Technology segment were a record
$2.55 billion, an increase of six percent from the second quarter of
2012 and an increase of 29 percent from the third quarter of 2011.
Operating profit for this segment was $610 million, or 23.9 percent of
sales. Operating profit flow-through was 27 percent sequentially and 14
percent from the third quarter of 2011 to the third quarter of 2012.
Revenue out of backlog for the segment increased five percent
sequentially and increased 36 percent year-over-year, to $1.91 billion
for the third quarter of 2012.

Petroleum Services & Supplies

Revenues for the third quarter of 2012 for the Petroleum Services &
Supplies segment were $1.72 billion, down three percent compared to
second quarter 2012 results and up 18 percent from the third quarter of
2011. Operating profit was $383 million, or 22.3 percent of revenue, up
28 percent from the third quarter of 2011. Operating profit flow-through
was 33 percent from the third quarter of 2011 to the third quarter of
2012.

Distribution & Transmission

The Distribution & Transmission segment generated third quarter revenues
of $1.32 billion, which were up 69 percent from the second quarter of
2012 and were up 174 percent from the third quarter of 2011, due mostly
to previously disclosed mergers completed during the second quarter and
third quarters of 2012. Third quarter operating profit was $78 million
or 5.9 percent of sales. Operating profit flow-through was four percent
sequentially and five percent from the third quarter of 2011 to the
third quarter of 2012.

The Company has scheduled a conference call for October 25, 2012, 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 1-800-446-1671
within North America or 1-847-413-3362 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,
			2012				2011
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	1,702			$	3,535
Receivables, net				4,033				3,291
Inventories, net				5,989				4,030
Costs in excess of billings				1,065				593
Deferred income taxes				286				336
Prepaid and other current assets			?	592			?	325	?
Total current assets				13,667				12,110
							?
Property, plant and equipment, net				2,818				2,445
Deferred income taxes				320				267
Goodwill				6,940				6,151
Intangibles, net				4,431				4,073
Investment in unconsolidated affiliates				370				391
Other assets			?	116			?	78	?
			$	28,662			$	25,515	?
							?
LIABILITIES AND STOCKHOLDERS′ EQUITY
							?
Current liabilities:
Accounts payable			$	1,365			$	901
Accrued liabilities				2,363				2,376
Billings in excess of costs				1,037				865
Current portion of long-term debt and short-term borrowings				354				351
Accrued income taxes				194				709
Deferred income taxes			?	368			?	214	?
Total current liabilities				5,681				5,416
							?
Long-term debt				1,175				159
Deferred income taxes				1,802				1,852
Other liabilities			?	321			?	360	?
Total liabilities			?	8,979			?	7,787	?
							?
Commitments and contingencies
							?
Stockholders′ equity:
Common stock ? par value $.01; 1 billion shares authorized; 426,879,173 and 423,900,601
shares issued and outstanding at September 30, 2012 and December 31, 2011				4				4
Additional paid-in capital				8,718				8,535
Accumulated other comprehensive income (loss)				79				(23	)
Retained earnings			?	10,773			?	9,103	?
Total National Oilwell Varco stockholders′ equity				19,574				17,619
Noncontrolling interests			?	109			?	109	?
Total stockholders′ equity			?	19,683			?	17,728	?
			$	28,662			$	25,515	?

	?	?				?	?				?	?				?	?				?	?
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,
			2012					2011					2012					2012					2011
Revenue:
Rig Technology			$	2,547				$	1,970				$	2,405				$	7,211				$	5,472
Petroleum Services & Supplies				1,717					1,460					1,776					5,197					4,084
Distribution & Transmission				1,315					480					780					2,659					1,313
Eliminations			?	(260	)			?	(170	)			?	(227	)			?	(711	)			?	(470	)
Total revenue				5,319					3,740					4,734					14,356					10,399
Gross profit				1,411					1,170					1,321					4,003					3,251
Gross profit %				26.5	%				31.3	%				27.9	%				27.9	%				31.3	%
Selling, general, and administrative				465					392					414					1,269					1,133
Other costs			?	57	?			?	6	?			?	28	?			?	92	?			?	29	?
Operating profit				889					772					879					2,642					2,089
Interest and financial costs				(10	)				(8	)				(9	)				(27	)				(31	)
Interest income				2					5					3					8					13
Equity income in unconsolidated affiliates				7					11					19					43					34
Other income (expense), net			?	(14	)			?	--	?			?	(5	)			?	(32	)			?	(26	)
Income before income taxes				874					780					887					2,634					2,079
Provision for income taxes			?	265	?			?	252	?			?	285	?			?	819	?			?	667	?
Net income				609					528					602					1,815					1,412
																							?
Net loss attributable to noncontrolling interests			?	(3	)			?	(4	)			?	(3	)			?	(8	)			?	(8	)
Net income attributable to Company			$	612	?			$	532	?			$	605	?			$	1,823	?			$	1,420	?
																							?
Net income attributable to Company per share:
																							?
Basic			$	1.44	?			$	1.26	?			$	1.42	?			$	4.29	?			$	3.37	?
																							?
Diluted			$	1.43	?			$	1.25	?			$	1.42	?			$	4.28	?			$	3.35	?
																							?
Weighted average shares outstanding:
																							?
Basic			?	425	?			?	422	?			?	425	?			?	425	?			?	421	?
																							?
Diluted			?	427	?			?	425	?			?	427	?			?	426	?			?	424	?

	?	?				?	?				?	?				?	?				?	?
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,
			2012					2011					2012					2012					2011
																							?
Revenue:
Rig Technology			$	2,547				$	1,970				$	2,405				$	7,211				$	5,472
Petroleum Services & Supplies				1,717					1,460					1,776					5,197					4,084
Distribution & Transmission				1,315					480					780					2,659					1,313
Eliminations			?	(260	)			?	(170	)			?	(227	)			?	(711	)			?	(470	)
Total revenue			$	5,319	?			$	3,740	?			$	4,734	?			$	14,356	?			$	10,399	?
																							?
Operating profit:
Rig Technology			$	610				$	528				$	571				$	1,732				$	1,467
Petroleum Services & Supplies				383					299					393					1,164					794
Distribution & Transmission				78					37					54					175					91
Unallocated expenses and eliminations			?	(125	)			?	(86	)			?	(111	)			?	(337	)			?	(234	)
Total operating profit (before other costs)			$	946	?			$	778	?			$	907	?			$	2,734	?			$	2,118	?
Operating profit %:
Rig Technology				23.9	%				26.8	%				23.7	%				24.0	%				26.8	%
Petroleum Services & Supplies				22.3	%				20.5	%				22.1	%				22.4	%				19.4	%
Distribution & Transmission				5.9	%				7.7	%				6.9	%				6.6	%				6.9	%
Other unallocated			?	--	?			?	--	?			?	--	?			?	--	?			?	--	?
																							?
Total operating profit % (before other costs)			?	17.8	%			?	20.8	%			?	19.2	%			?	19.0	%			?	20.4	%

?
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,
						2012						2011						2012						2012						2011
																														?
Reconciliation of EBITDA excluding
other costs (Note 1):
GAAP net income attributable to Company						$	612					$	532					$	605					$	1,823					$	1,420
Provision for income taxes							265						252						285						819						667
Interest expense							10						8						9						27						31
Depreciation and amortization						?	157					?	140					?	157					?	462					?	413
EBITDA							1,044						932						1,056						3,131						2,531
Other costs:
Transaction costs							57						6						28						92						12
Libya asset write-down						?	--					?	--					?	--					?	--					?	17
EBITDA excluding other costs (Note 1)						$	1,101					$	938					$	1,084					$	3,223					$	2,560
																															?

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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