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2016-07-28 18:35:00

NOV VARCO NET LOSS $336 MLN

NOV VARCO NET LOSS $336 MLN

National Oilwell Varco, Inc. (NYSE:NOV) reported a second quarter 2016 net loss of $217 million, or $0.58 per share. Excluding other items, net loss for the quarter was $114 million, or $0.30 per share. Other items included $143 million in pre-tax charges ($103 million net of tax) primarily associated with severance, facility closure costs, and write-off of certain fixed assets.

Revenues for the second quarter of 2016 were $1.72 billion, a decrease of 21 percent compared to the first quarter of 2016 and a decrease of 56 percent from the second quarter of 2015. Operating loss for the second quarter was $270 million, 15.7 percent of sales. Excluding other items, operating loss was $153 million, or 8.9 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the second quarter was $25 million, or 1.5 percent of sales. Decremental Adjusted EBITDA leverage (the change in Adjusted EBITDA as a percent of the change in revenue) from the first quarter of 2016 to the second quarter of 2016 was 22 percent.

"Our second quarter results reflect further declines, as global oilfield spending again fell sharply following the crude oil price bottom we saw in February," stated Clay Williams, Chairman, President and CEO. "We are responding by aggressively reducing costs and restructuring our operations to match this market reality. I am grateful for our experienced team, which continues to focus relentlessly on costs and efficiencies.

Importantly, our team also continues to invest in our future, leveraging our global resources and installed base of equipment to expand our considerable technology portfolio. National Oilwell Varco has a long history of delivering innovative solutions and crisp execution to the oil and gas industry. We will continue to help drive our industry to better economic returns and a brighter future."

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,
    2016   2015   2016   2016   2015
Revenue:                    
Rig Systems   $ 564     $ 1,930     $ 926     $ 1,490     $ 4,453  
Rig Aftermarket     364       657       391       755       1,376  
Wellbore Technologies     511       956       631       1,142       2,127  
Completion & Production Solutions     538       873       558       1,096       1,821  
Eliminations     (253 )     (507 )     (317 )     (570 )     (1,048 )
Total revenue     1,724       3,909       2,189       3,913       8,729  
Gross profit     139       872       300       439       2,050  
Gross profit %     8.1 %     22.3 %     13.7 %     11.2 %     23.5 %
                     
Selling, general, and administrative     292       417       348       640       903  
Other items     117       17       141       258       139  
                     
Operating profit (loss)     (270 )     438       (189 )     (459 )     1,008  
                     
Interest and financial costs     (30 )     (26 )     (25 )     (55 )     (52 )
Interest income     3       2       5       8       7  
Equity income (loss) in unconsolidated affiliates     (7 )     7       (6 )     (13 )     16  
Other income (expense), net     (34 )     (30 )     (21 )     (55 )     (86 )
                     
Income (loss) before income taxes     (338 )     391       (236 )     (574 )     893  
                     
Provision for income taxes     (121 )     105       (118 )     (239 )     294  
                     
Net income (loss)     (217 )     286       (118 )     (335 )     599  
                     
Net income (loss) attributable to noncontrolling interests     -       (3 )     1       1       -  
                     
Net income (loss) attributable to Company   $ (217 )   $ 289     $ (119 )   $ (336 )   $ 599  

 

         

------

Earlier: 

VARCO NET LOSS $119 MLN 

NOV VARCO NET LOSS $769 MLN 

NOV VARCO CUTS 900 JOBS 

NOV VARCO NET INCOME $155 MLN 

NOV VARCO DOWN 50% 

NOV VARCO 1Q REPORT

 

 

 

Tags: NATIONAL, OILWELL, VARCO, NOV
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