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2017-07-31 14:05:00

NOV VARCO NET LOSS $75 MLN

NOV VARCO NET LOSS $75 MLN

NOV - National Oilwell Varco, Inc. (NYSE: NOV) reported a second quarter 2017 net loss of $75 million, or $0.20 per share. Excluding other items, net loss for the quarter was $54 million, or $0.14 per share. Other items totaled $30 million, pretax, and primarily consisted of charges related to severance and facility closures.

 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

(In $ millions, except per share data)

 
  Three Months Ended Six Months Ended
  June 30, March 31, June 30,
  2017 2016 2017 2017 2016
Revenue:          
Rig Systems 346 564 393 739 1,490
Rig Aftermarket 341 364 321 662 755
Wellbore Technologies 614 511 555 1,169 1,142
Completion & Production Solutions 652 538 648 1,300 1,096
Eliminations (194) (253) (176) (370) (570)
Total revenue 1,759 1,724 1,741 3,500 3,913
Gross profit (1) 231 35 209 440 279
Gross profit % 13.1 2.0 12.0 12.6 7.1
           
Selling, general, and administrative 293 305 306 599 738
Operating loss (62) (270) (97) (159) (459)
Interest and financial costs (26) (30) (25) (51) (55)
Interest income 4 3 4 8 8
Equity loss in unconsolidated affiliates (2) (7) - (2) (13)
Other income (expense), net (2) (34) (11) (13) (55)
Loss before income taxes (88) (338) (129) (217) (574)
Provision for income taxes (14) (121) (9) (23) (239)
Net loss (74) (217) (120) (194) (335)
Net income attributable to noncontrolling interests 1 - 2 3 1
Net loss attributable to Company (75) (217) (122) (197) (336)
           
Per share data, $:          
Basic (0.20) (0.58) (0.32) (0.52) (0.90)
Diluted (0.20) (0.58) (0.32) (0.52) (0.90)
Weighted average shares outstanding:          
Basic 377 375 376 377 375
Diluted 377 375 376 377 375
 
(1)   Gross profit excluding other items was $261 million and $497 million for the three and six months ended June 30, 2017, respectively. Gross profit excluding other items was $139 million and $439 million for the three and six months ended June 30, 2016, respectively. Gross profit excluding other items was $236 million for the three months ended March 31, 2017. See GAAP to Non-GAAP reconciliation on page 10.

 

Revenues for the second quarter of 2017 were $1.76 billion, an increase of one percent compared to the first quarter of 2017 and an increase of two percent from the second quarter of 2016. Operating loss for the second quarter was $62 million, or 3.5 percent of sales. Excluding other items, operating loss was $32 million, or 1.8 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the second quarter was $142 million, or 8.1 percent of sales, an increase of $37 million from the first quarter of 2017. Cash flow from operations for the second quarter was $168 million.

"Our team executed exceptionally well during the second quarter, driving substantial sequential improvements in adjusted EBITDA and free cash flow, as we continue to navigate a challenging market," commented Clay Williams, Chairman, President, and CEO. "Efficiency gains from our investments in operations through the last two years and rising demand support our drive to return the company to acceptable levels of financial performance. The second quarter results reflect our steady progress."

"Scarcity is returning to the oilfield, and, around the world, customers are steadily exhausting excess stocks of the critical products, equipment and technologies we supply, laying the groundwork for future demand. The strong recovery we've seen thus far in North America, combined with many international markets stabilizing and offshore markets nearing bottom, makes us optimistic in our outlook."

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Earlier: 

NOV VARCO NET LOSS $122 MLN  

NOV VARCO NET LOSS $714 MLN 

NOV VARCO NET LOSS $1.7 BLN 

NOV VARCO NET LOSS $336 MLN 

VARCO NET LOSS $119 MLN 

NOV VARCO NET LOSS $769 MLN 

NOV VARCO CUTS 900 JOBS

 

 

 

 

 

 

 

Tags: NOV, VARCO,

Chronicle:

NOV VARCO NET LOSS $75 MLN
2018, January, 22, 08:20:00

RUSSIAN NUCLEAR POWER - 2017

WNA - Apart from adding capacity, utilisation of existing plants has improved markedly since 2000. In the 1990s capacity factors averaged around 60%, but they have steadily improved since and in 2010, 2011 and 2014 were above 81%. Balakovo was the best plant in 2011 with 92.5%, and again in 2014 with 85.1%.

NOV VARCO NET LOSS $75 MLN
2018, January, 22, 08:15:00

INDIA'S NUCLEAR POWER - 2017

WNA - India has a flourishing and largely indigenous nuclear power programme and expects to have 14.6 GWe nuclear capacity on line by 2024 and 63 GWe by 2032. It aims to supply 25% of electricity from nuclear power by 2050.

NOV VARCO NET LOSS $75 MLN
2018, January, 22, 08:10:00

CHINA'S NUCLEAR POWER - 2017

WNA - Mainland China has 38 nuclear power reactors in operation, about 20 under construction, and more about to start construction. The reactors under construction include some of the world's most advanced, to give a 70% increase of nuclear capacity to 58 GWe by 2020-21. Plans are for up to 150 GWe by 2030, and much more by 2050.

NOV VARCO NET LOSS $75 MLN
2018, January, 22, 08:05:00

U.S. - RUSSIA'S NUCLEAR

PLATTS - "The domestic uranium mining industry needs US government assistance to survive the foreign onslaught -- particularly from Russia and Kazakhstan -- that has undermined the US uranium industry while new players -- particularly China -- will soon make the situation worse," Energy Fuels and Ur-Energy said in a petition they jointly filed with the department.

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