National Oilwell Varco Announces Fourth Quarter and Full Year 2012 Earnings

01.02.2013 | Business Wire

National Oilwell Varco Announces Fourth Quarter and Full Year 2012 Earnings

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for the
fourth quarter ended December 31, 2012 it earned net income of $668
million, or $1.56 per fully diluted share. Earnings improved nine
percent compared to the third quarter of 2012, and improved 16 percent
compared to the fourth quarter of 2011. Excluding $51 million in pre-tax
transaction charges and a net $69 million tax benefit related to certain
U.S. foreign tax credits in the fourth quarter of 2012, net income was
$638 million, or $1.49 per fully diluted share, down two percent from
the third quarter of 2012, and up nine percent from the fourth quarter
of 2011, excluding transaction charges from all periods. The net $69
million tax benefit resulted from a strategic reorganization of certain
foreign operations to more fully integrate recently acquired business
groups.

Revenues reported for the full year 2012 were $20.04 billion, and net
income was $2.49 billion, or $5.83 per fully diluted share. Operating
profit for the full year 2012 was $3.55 billion. Excluding $143 million
in pre-tax transaction charges and a net $69 million tax benefit related
to certain U.S. foreign tax credits in 2012, net income was $2.52
billion, or $5.91 per fully diluted share, and operating profit was
$3.69 billion or 18.4 percent of sales, for the full year 2012. Earnings
per share increased 24 percent from 2011, excluding transaction charges
and unusual tax benefits from both periods.

Revenues for the fourth quarter increased seven percent sequentially to
$5.69 billion. Operating profit for the fourth quarter, excluding
transaction charges, was $954 million or 16.8 percent of sales, up one
percent from the third quarter of 2012. Operating profit flow-through,
or the change in operating profit divided by the change in revenue, was
two percent from the third quarter of 2012 to the fourth quarter of
2012, and was seven percent from the fourth quarter of 2011 to the
fourth quarter of 2012, excluding transaction charges from all periods.

Backlog for capital equipment orders for the Company′s Rig Technology
segment at December 31, 2012 was a record at $11.86 billion, up two
percent from the third quarter of 2012. New orders during the quarter
were $2.42 billion, reflecting continued good demand for oilfield
equipment.

Pete Miller, Chairman and CEO of National Oilwell Varco, remarked, 'The
fourth quarter marked a strong finish to a record-breaking year. For the
year, the Company′s continued investments in technology, product and
service line extensions, facilities and machines, and our people,
enabled us to better support our customers and establish new benchmarks
in revenues, net income and ending backlog. I would like to thank all of
our dedicated employees for their hard work and outstanding execution
this year.

As we enter 2013, we recognize that there are some near-term headwinds
facing us in the North American land market. However, we are excited to
be entering the year with strong financial resources, a solid backlog, a
well-constructed and balanced business, and an experienced and capable
group at NOV that remains committed to delivering the highest quality of
products and services to our customers. We also enter the year with the
firm belief that the oil and gas industry will continue to upgrade the
world′s aging rig fleet, while simultaneously building out both a
deepwater and a worldwide shale infrastructure that are still in the
early stages of development, and we look forward to playing a leadership
role in those efforts.?

Rig Technology

Fourth quarter revenues for the Rig Technology segment were $2.90
billion, an increase of 14 percent from the third quarter of 2012 and an
increase of 25 percent from the fourth quarter of 2011. Operating profit
for this segment was $648 million, or 22.4 percent of sales, an increase
of six percent from the third quarter of 2012 and an increase of seven
percent from the fourth quarter of 2011. Sequential operating profit
flow-through was 11 percent. Year-over-year operating profit
flow-through was eight percent. Revenue out of backlog for the segment
increased 16 percent sequentially and increased 25 percent
year-over-year, to $2.21 billion for the fourth quarter of 2012.

Petroleum Services & Supplies

Revenues for the fourth quarter of 2012 for the Petroleum Services &
Supplies segment were $1.77 billion, up three percent compared to third
quarter 2012 results and up 13 percent compared to fourth quarter 2011
results. Operating profit was $355 million, or 20.1 percent of sales,
down seven percent from the third quarter of 2012 and an increase of 18
percent from the fourth quarter of 2011. Operating profit flow-through
was 27 percent from the fourth quarter of 2011 to the fourth quarter of
2012.

Distribution & Transmission

Fourth quarter revenues for the Distribution & Transmission segment were
$1.27 billion, down four percent from the third quarter of 2012, and up
126 percent from the fourth quarter of 2011 (due mostly to previously
disclosed mergers completed in 2012). Fourth quarter operating profit
was $78 million or 6.2 percent of sales. Operating profit flow-through
was flat sequentially, and was five percent from the fourth quarter of
2011 to the fourth quarter of 2012.

The Company has scheduled a conference call for February 1, 2013, at
8:00 a.m. Central Time to discuss fourth quarter and 2012 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)
	?	?	?	?			?	?	?
					December 31,					December 31,
					2012					2011
					(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents					$	3,319				$	3,535
Receivables, net						4,320					3,291
Inventories, net						5,891					4,030
Costs in excess of billings						1,225					593
Deferred income taxes						349					336
Prepaid and other current assets					?	574				?	325	?
Total current assets						15,678					12,110
										?
Property, plant and equipment, net						2,945					2,445
Deferred income taxes						413					267
Goodwill						7,172					6,151
Intangibles, net						4,743					4,073
Investment in unconsolidated affiliates						393					391
Other assets					?	140				?	78	?
					$	31,484				$	25,515	?
										?
LIABILITIES AND STOCKHOLDERS′ EQUITY
										?
Current liabilities:
Accounts payable					$	1,200				$	901
Accrued liabilities						2,571					2,376
Billings in excess of costs						1,189					865
Current portion of long-term debt and short-term borrowings						1					351
Accrued income taxes						355					709
Deferred income taxes					?	333				?	214	?
Total current liabilities						5,649					5,416
										?
Long-term debt						3,148					159
Deferred income taxes						1,997					1,852
Other liabilities					?	334				?	360	?
Total liabilities					?	11,128				?	7,787	?
										?
Commitments and contingencies
										?
Stockholders′ equity:
Common stock ? par value $.01; 1 billion shares authorized; 426,928,322 and 423,900,601
shares issued and outstanding at December 31, 2012 and December 31, 2011						4					4
Additional paid-in capital						8,743					8,535
Accumulated other comprehensive income (loss)						107					(23	)
Retained earnings					?	11,385				?	9,103	?
Total National Oilwell Varco stockholders′ equity						20,239					17,619
Noncontrolling interests					?	117				?	109	?
Total stockholders′ equity					?	20,356				?	17,728	?
					$	31,484				$	25,515	?
												?

	?	?	?	?				?	?	?				?	?	?				?	?	?				?	?	?
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,
					2012						2011						2012						2012						2011
Revenue:
Rig Technology					$	2,896					$	2,316					$	2,547					$	10,107					$	7,788
Petroleum Services & Supplies						1,770						1,570						1,717						6,967						5,654
Distribution & Transmission						1,268						560						1,315						3,927						1,873
Eliminations					?	(249	)				?	(187	)				?	(260	)				?	(960	)				?	(657	)
Total revenue						5,685						4,259						5,319						20,041						14,658
Gross profit						1,410						1,287						1,411						5,413						4,538
Gross profit %						24.8	%					30.2	%					26.5	%					27.0	%					31.0	%
Selling, general, and administrative						456						427						465						1,725						1,560
Other costs					?	51	?				?	12	?				?	57	?				?	143	?				?	41	?
Operating profit						903						848						889						3,545						2,937
Interest and financial costs						(21	)					(9	)					(10	)					(48	)					(40	)
Interest income						2						5						2						10						18
Equity income in unconsolidated affiliates						15						12						7						58						46
Other income (expense), net					?	(28	)				?	(13	)				?	(14	)				?	(60	)				?	(39	)
Income before income taxes						871						843						874						3,505						2,922
Provision for income taxes					?	203	?				?	270	?				?	265	?				?	1,022	?				?	937	?
Net income						668						573						609						2,483						1,985
																													?
Net loss attributable to noncontrolling interests					?	-	?				?	(1	)				?	(3	)				?	(8	)				?	(9	)
Net income attributable to Company					$	668	?				$	574	?				$	612	?				$	2,491	?				$	1,994	?
																													?
Net income attributable to Company per share:
																													?
Basic					$	1.57	?				$	1.36	?				$	1.44	?				$	5.86	?				$	4.73	?
																													?
Diluted					$	1.56	?				$	1.35	?				$	1.43	?				$	5.83	?				$	4.70	?
																													?
Weighted average shares outstanding:
																													?
Basic					?	426	?				?	422	?				?	425	?				?	425	?				?	422	?
																													?
Diluted					?	428	?				?	425	?				?	427	?				?	427	?				?	424	?
																															?

?
NATIONAL OILWELL VARCO, INC.
OPERATING PROFIT ? AS ADJUSTEDSUPPLEMENTAL SCHEDULE (Unaudited)
(In millions)
?
	?	?	?	?	Three Months Ended															?	?	?	Years Ended
					December 31,									?	?	?	September 30,						December 31,
					2012			?	?	?	2011						2012						2012			?	?	?	2011
																													?
Revenue:
Rig Technology					$	2,896					$	2,316					$	2,547					$	10,107					$	7,788
Petroleum Services & Supplies						1,770						1,570						1,717						6,967						5,654
Distribution & Transmission						1,268						560						1,315						3,927						1,873
Eliminations					?	(249	)				?	(187	)				?	(260	)				?	(960	)				?	(657	)
Total revenue					$	5,685	?				$	4,259	?				$	5,319	?				$	20,041	?				$	14,658	?
																													?
Operating profit:
Rig Technology					$	648					$	603					$	610					$	2,380					$	2,070
Petroleum Services & Supplies						355						301						383						1,519						1,095
Distribution & Transmission						78						45						78						253						136
Unallocated expenses and eliminations					?	(127	)				?	(89	)				?	(125	)				?	(464	)				?	(323	)
Total operating profit (before other costs)					$	954	?				$	860	?				$	946	?				$	3,688	?				$	2,978	?
Operating profit %:
Rig Technology						22.4	%					26.0	%					23.9	%					23.5	%					26.6	%
Petroleum Services & Supplies						20.1	%					19.2	%					22.3	%					21.8	%					19.4	%
Distribution & Transmission						6.2	%					8.0	%					5.9	%					6.4	%					7.3	%
Other unallocated					?	-	?				?	-	?				?	-	?				?	-	?				?	-	?
																													?
Total operating profit % (before other costs)					?	16.8	%				?	20.2	%				?	17.8	%				?	18.4	%				?	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,
					2012					2011					2012					2012					2011
																									?
Reconciliation of EBITDA excluding other costs (Note 1):
GAAP net income attributable to Company					$	668				$	574				$	612				$	2,491				$	1,994
Provision for income taxes						203					270					265					1,022					937
Interest expense						21					9					10					48					40
Depreciation and amortization					?	166				?	142				?	157				?	628				?	555
EBITDA						1,058					995					1,044					4,189					3,526
Other costs:
Transaction costs						51					12					57					143					24
Libya asset write-down					?	-				?	-				?	-				?	-				?	17
EBITDA excluding other costs (Note 1)					$	1,109				$	1,007				$	1,101				$	4,332				$	3,567
																										?

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.

Jeremy Thigpen, (713) 346-7301

Jeremy.Thigpen@nov.com

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