NOV VARCO NET LOSS $221 MLN
NOV VARCO - National Oilwell Varco, Inc. (NYSE: NOV) reported a third quarter 2017 net loss of $26 million, or $0.07 per share. Revenues for the third quarter of 2017 were $1.84 billion, an increase of four percent compared to the second quarter of 2017 and an increase of eleven percent from the third quarter of 2016. Operating loss for the third quarter was $7 million, or 0.4 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the third quarter was $167 million, or 9.1 percent of sales, an increase of $25 million from the second quarter of 2017. Cash flow from operations for the third quarter was $232 million.
"Our team delivered solid results in the third quarter as higher sequential sales of Wellbore Technologies and Completion & Production Solutions products enabled NOV to overcome a retrenchment in rig equipment demand," commented Clay Williams, Chairman, President and CEO. "Despite weak commodity prices through the quarter, and the significant disruption of Hurricane Harvey along the Gulf Coast, NOV delivered 18 percent more Adjusted EBITDA as compared to the prior quarter, due in part to the Company's pivot into new products that are gaining traction globally. We continue to pioneer new, safer and more efficient ways to develop and produce oil and gas in a low commodity price world."
NATIONAL OILWELL VARCO, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (In $ millions, except per share data) |
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Three Months Ended | Nine Months Ended | ||||
September 30, | June 30, | September 30, | |||
2017 | 2016 | 2017 | 2017 | 2016 | |
Revenue: | |||||
Rig Systems | 330 | 470 | 346 | 1,069 | 1,960 |
Rig Aftermarket | 311 | 322 | 341 | 973 | 1,077 |
Wellbore Technologies | 693 | 526 | 614 | 1,862 | 1,668 |
Completion & Production Solutions | 682 | 543 | 652 | 1,982 | 1,639 |
Eliminations | (181) | (215) | (194) | (551) | (785) |
Total revenue | 1,835 | 1,646 | 1,759 | 5,335 | 5,559 |
Gross profit (1) | 285 | 79 | 231 | 725 | 358 |
Gross profit % | 15.5 | 4.8 | 13.1 | 13.6 | 6.4 |
Selling, general, and administrative | 292 | 293 | 293 | 891 | 1,031 |
Goodwill impairment | - | 972 | - | - | 972 |
Operating loss | (7) | (1,186) | (62) | (166) | (1,645) |
Interest and financial costs | (26) | (25) | (26) | (77) | (80) |
Interest income | 11 | 3 | 4 | 19 | 11 |
Equity loss in unconsolidated affiliates | (2) | (6) | (2) | (4) | (19) |
Other income (expense), net | (6) | (30) | (2) | (19) | (85) |
Loss before income taxes | (30) | (1,244) | (88) | (247) | (1,818) |
Provision for income taxes | (3) | 120 | (14) | (26) | (119) |
Net loss | (27) | (1,364) | (74) | (221) | (1,699) |
Net income attributable to noncontrolling interests | (1) | (2) | 1 | 2 | (1) |
Net loss attributable to Company | (26) | (1,362) | (75) | (223) | (1,698) |
Per share data: | |||||
Basic | (0.07) | (3.62) | (0.20) | (0.59) | (4.53) |
Diluted | (0.07) | (3.62) | (0.20) | (0.59) | (4.53) |
Weighted average shares outstanding: | |||||
Basic | 377 | 376 | 377 | 377 | 375 |
Diluted | 377 | 376 | 377 | 377 | 375 |
(1) | Gross profit excluding other items was $285 million and $782 million for the three and nine months ended September 30, 2017, respectively. Gross profit excluding other items was $185 million and $624 million for the three and nine months ended September 30, 2016, respectively. Gross profit excluding other items was $261 million for the three months ended June 30, 2017. |
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Earlier:
2017, July, 31, 14:05:00
NOV VARCO NET LOSS $75 MLNNational 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.
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2016, July, 28, 18:35:00
NOV VARCO NET LOSS $336 MLNNational 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.
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2015, December, 8, 19:25:00
NOV VARCO CUTS 900 JOBSU.S. oilfield equipment maker National Oilwell Varco Inc will cut its Norwegian workforce by another 900 people after low oil prices resulted in fewer orders, the company said on Monday.
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2014, August, 5, 18:15:00
SANCTIONS: NOV WARNS RUSSIANational Oilwell Varco warns of Russian sanctions impact
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2014, May, 5, 18:30:00
US SANCTIONS: NOV INVESTS IN RUSSIANational Oilwell Varco published their Q1 2014 Results
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2014, March, 5, 16:38:00
VARCO CREATE DISTRIBUTORNational-Oilwell Varco Spin Off Will Create Leading Distributor to Energy Markets
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2014, January, 31, 16:38:00
VARCO: IS THE GROWTH FINISHED?National Oilwell Varco Announces Fourth Quarter and Full Year 2013 Earnings. |