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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
October, 23, 11:15:00

LIBYAN OIL PRODUCTION 1 MBD

Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.

NOV VARCO NET LOSS $75 MLN
October, 23, 11:10:00

SCHLUMBERGER NET INCOME $545 MLN

- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion

NOV VARCO NET LOSS $75 MLN
October, 23, 11:05:00

BAKER HUGHES NET LOSS $104 BLN

“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.

NOV VARCO NET LOSS $75 MLN
October, 23, 11:00:00

U.S. RIGS DOWN 15 TO 913

U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.

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