National Oilwell Varco Announces First Quarter 2013 Earnings and Backlog

26.04.2013 | Business Wire

National Oilwell Varco Announces First Quarter 2013 Earnings and Backlog

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for its
first quarter ended March 31, 2013 it earned net income of $502 million,
or $1.17 per fully diluted share, compared to fourth quarter ended
December 31, 2012 net income of $668 million, or $1.56 per fully diluted
share. The first quarter 2013 results included transaction costs
primarily related to the Robbins & Myers acquisition and Venezuela
currency devaluation charges, which combined for a total of $73 million
in pre-tax costs and charges. Excluding these costs and charges,
earnings were $553 million, or $1.29 per fully diluted share.

Revenues for the first quarter of 2013 were $5.31 billion, a decrease of
seven percent from the fourth quarter of 2012 and an increase of 23
percent from the first quarter of 2012. Operating profit for the
quarter, excluding the transaction charges, was $816 million, or 15.4
percent of sales. Sequentially, first quarter operating profit decreased
14 percent, while year-over-year first quarter operating profit
decreased seven percent.

Backlog for capital equipment orders for the Company′s Rig Technology
segment at March 31, 2013 was a record at $12.92 billion, up eight
percent from the fourth quarter of 2012, and up 24 percent from the
first quarter of 2012. New orders during the quarter were $3.04 billion,
reflecting continued strong demand for oilfield equipment.

Pete Miller, Chairman and CEO of National Oilwell Varco, remarked, 'The
North American market was softer than anticipated; however, our strong
backlog for drilling equipment, coupled with the recent investments that
we have made in acquisitions, international expansion and incremental
capacity, enabled our Company to generate solid earnings in the first
quarter. As we move through the year, we expect to see continued
improvements in international activity, strong industry demand for both
floaters and jackups, and a heightened level of interest and orders in
our floating production equipment offering.? Miller continued,
'Additionally, while we are cautious regarding the timing of a North
America recovery, we remain confident that land drillers and well
service firms will soon consume their current inventories, ultimately
requiring more of our products and services. Until that time, we take
comfort in knowing that we are well positioned for this market, given
our strong financial resources, unparalleled market presence,
exceptional backlog, and extraordinary workforce.?

Rig Technology

First quarter revenues for the Rig Technology segment were $2.63
billion, a decrease of nine percent from the fourth quarter of 2012 and
an increase of 16 percent from the first quarter of 2012. Operating
profit for this segment was $557 million, or 21.2 percent of sales.
Operating profit flow-through (change in operating profit divided by the
change in revenue) was two percent from the first quarter of 2012 to the
first quarter of 2013. Revenue out of backlog for the segment increased
16 percent year-over-year, and was down ten percent from the fourth
quarter of 2012 to $1.98 billion for the first quarter of 2013.

Petroleum Services & Supplies

Revenues for the first quarter of 2013 for the Petroleum Services &
Supplies segment were $1.70 billion, down four percent compared to
fourth quarter 2012 results and flat from the first quarter of 2012.
Operating profit was $311 million, or 18.3 percent of revenue. Operating
profit flow-through was down 64 percent from the fourth quarter of 2012
to the first quarter of 2013.

Distribution & Transmission

The Distribution & Transmission segment generated first quarter revenues
of $1.23 billion, down three percent from the fourth quarter of 2012 and
up 118 percent from the first quarter of 2012 (due mostly to previously
disclosed mergers completed in 2012). First quarter operating profit was
$65 million, or 5.3 percent of sales. Operating profit flow-through was
three percent from the first quarter of 2012 to the first quarter of
2013.

The Company has scheduled a conference call for April 26, 2013, 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 1-800-446-1671
within North America or 1-847-413-3362 outside of North America five
to ten minutes prior to the scheduled start time and asking 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,
			2013					2012
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	2,441				$	3,319
Receivables, net				4,279					4,320
Inventories, net				6,135					5,891
Costs in excess of billings				1,333					1,225
Deferred income taxes				332					349
Prepaid and other current assets			?	474	?			?	574
Total current assets				14,994					15,678
								?
Property, plant and equipment, net				3,215					2,945
Deferred income taxes				395					413
Goodwill				9,056					7,172
Intangibles, net				5,399					4,743
Investment in unconsolidated affiliate				410					393
Other assets			?	138	?			?	140
			$	33,607	?			$	31,484
								?
LIABILITIES AND STOCKHOLDERS′ EQUITY
								?
Current liabilities:
Accounts payable			$	1,283				$	1,200
Accrued liabilities				2,468					2,571
Billings in excess of costs				1,093					1,189
Current portion of long-term debt and short-term borrowings				-					1
Accrued income taxes				406					355
Deferred income taxes			?	388	?			?	333
Total current liabilities				5,638					5,649
								?
Long-term debt				4,349					3,148
Deferred income taxes				2,451					1,997
Other liabilities			?	439	?			?	334
Total liabilities			?	12,877	?			?	11,128
								?
Commitments and contingencies
								?
Stockholders′ equity:
Common stock ? par value $.01; 1 billion shares authorized; 427,216,689 and
426,928,322 shares issued and outstanding at March 31, 2013 and December 31, 2012				4					4
Additional paid-in capital				8,772					8,743
Accumulated other comprehensive income (loss)				(7	)				107
Retained earnings			?	11,831	?			?	11,385
Total Company stockholders′ equity				20,600					20,239
Noncontrolling interests			?	130	?			?	117
Total stockholders′ equity			?	20,730	?			?	20,356
			$	33,607	?			$	31,484

	?	?				?	?	?				?	?	?
?NATIONAL OILWELL VARCO, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share data)
															?
			Three Months Ended
			March 31,												December 31,
			2013						2012						2012
															?
Revenue:
Rig Technology			$	2,628					$	2,259					$	2,896
Petroleum Services & Supplies				1,701						1,704						1,770
Distribution & Transmission				1,227						564						1,268
Eliminations			?	(249	)				?	(224	)				?	(249	)
Total revenue				5,307						4,303						5,685
Gross profit				1,287						1,271						1,410
Gross profit %				24.3	%					29.5	%					24.8	%
Selling, general, and administrative				471						390						456
Transaction and devaluation costs			?	73	?				?	7	?				?	51	?
Operating profit				743						874						903
															?
Interest and financial costs				(28	)					(8	)					(21	)
Interest income				3						3						2
Equity income in unconsolidated affiliate				19						17						15
Other income (expense), net			?	(13	)				?	(13	)				?	(28	)
															?
Income before income taxes				724						873						871
															?
Provision for income taxes			?	224	?				?	269	?				?	203	?
Net income				500						604						668
															?
Net loss attributable to noncontrolling interests			?	(2	)				?	(2	)				?	-	?
Net income attributable to Company			$	502	?				$	606	?				$	668	?
															?
Net income attributable to Company per share:
															?
Basic			$	1.18	?				$	1.43	?				$	1.57	?
															?
Diluted			$	1.17	?				$	1.42	?				$	1.56	?
															?
Weighted average shares outstanding:
															?
Basic			?	426	?				?	423	?				?	426	?
															?
Diluted			?	428	?				?	426	?				?	428	?

?
NATIONAL OILWELL VARCO, INC. OPERATING PROFIT ? AS ADJUSTED SUPPLEMENTAL SCHEDULE (Unaudited) (In millions)
	?	?	?
				Three Months Ended
				March 31,									?	?	?	December 31,
				2013			?	?	?	2012						2012
																?
Revenue:
Rig Technology				$	2,628					$	2,259					$	2,896
Petroleum Services & Supplies					1,701						1,704						1,770
Distribution & Transmission					1,227						564						1,268
Eliminations				?	(249	)				?	(224	)				?	(249	)
Total Revenue				$	5,307	?				$	4,303	?				$	5,685	?
																?
Operating profit:
Rig Technology				$	557					$	551					$	648
Petroleum Services & Supplies					311						388						355
Distribution & Transmission					65						43						78
Unallocated expenses and eliminations				?	(117	)				?	(101	)				?	(127	)
Total operating profit (before other costs)				$	816	?				$	881	?				$	954	?
																?
Operating profit %:
Rig Technology					21.2	%					24.4	%					22.4	%
Petroleum Services & Supplies					18.3	%					22.8	%					20.1	%
Distribution & Transmission					5.3	%					7.6	%					6.2	%
Other unallocated				?	-	?				?	-	?				?	-	?
																?
Total operating profit % (before other costs)				?	15.4	%				?	20.5	%				?	16.8	%

	?	?	?			?	?	?			?	?
NATIONAL OILWELL VARCO, INC. AS ADJUSTED EBITDA RECONCILIATION EXCLUDING TRANSACTION AND DEVALUATION COSTS ?(Unaudited) (In millions)
													?
				Three Months Ended
				March 31,									?	December 31,
				2013					2012					2012
														?
Reconciliation of EBITDA excluding other costs (Note 1):
GAAP net income attributable to Company				$	502				$	606				$	668
Provision for income taxes					224					269					203
Interest expense					28					8					21
Depreciation and amortization				?	174				?	148				?	166
EBITDA					928					1,031					1,058
														?
Other costs:
Transaction costs					65					7					51
Devaluation costs				?	8				?	-				?	-
EBITDA excluding other costs (Note 1)				$	1,001				$	1,038				$	1,109
															?

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.

Jeremy Thigpen, (713) 346-7301

Jeremy.Thigpen@nov.com

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