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2018-02-07 07:25:00

NOV VARCO NET LOSS $237 MLN

NOV VARCO NET LOSS $237 MLN

NOV - National Oilwell Varco, Inc. (NYSE: NOV)  reported a fourth quarter 2017 net loss of $14 million, or $0.04 per share. Revenues for the fourth quarter were $1.97 billion, an increase of seven percent compared to the third quarter and an increase of 16 percent from the fourth quarter of 2016. Operating loss for the fourth quarter was $111 million, or 5.6 percent of sales. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) for the fourth quarter was $197 million, or 10.0 percent of sales, an increase of $30 million from the third quarter. Other items were $133 million, pre-tax, and primarily consisted of charges for inventory write-downs, facility closures and severance. Cash flow from operations for the fourth quarter was $321 million.

Revenues for the full year 2017 were $7.30 billion, operating loss was $277 million, and net loss was $237 million, or $0.63 per share. Other items were $190 million, pre-tax, and primarily consisted of charges for inventory write-downs, facility closures and severance. Adjusted EBITDA for the full year was $611 million, or 8.4 percent of sales, and cash flow from operations was $832 million.

"Solid execution and success in our efforts to reposition the Company resulted in a $289 million improvement in Adjusted EBITDA on a $53 million increase in revenue in 2017," commented Clay Williams, Chairman, President and CEO. "Our team continues to position the Company in the markets that matter most to our customers, by investing in technologies that drive better economics for our clients. As a result our mix has shifted substantially. NOV now generates approximately 65 percent of its revenues from land markets and 44 percent of its revenues from North America."

"Our diverse global franchise that leverages capabilities across business lines is focused on developing improvements in drilling automation, multi-stage completions, predictive analytics and condition-based maintenance, and deepwater project economics. Advances on these and other initiatives have us well positioned to capitalize on improving industry fundamentals in 2018 and beyond."

 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

(In $ millions, except per share data)

  Three Months Ended Years Ended
  December 31, September 30, December 31,
  2017 2016 2017 2017 2016
Revenue:          
Wellbore Technologies 715 531 693 2,577 2,199
Completion & Production Solutions 690 602 682 2,672 2,241
Rig Technologies 614 613 510 2,252 3,110
Eliminations (50) (54) (50) (197) (299)
Total revenue 1,969 1,692 1,835 7,304 7,251
Gross profit (loss) 167 (459) 285 892 (101)
Gross profit (loss) %

8.5%

(27.1%)

15.5%

12.2%

(1.4%)

           
Selling, general, and administrative 278 307 292 1,169 1,338
Goodwill impairment - - - - 972
Operating loss (111) (766) (7) (277) (2,411)
Interest and financial costs (25) (25) (26) (102) (105)
Interest income 6 4 11 25 15
Equity loss in unconsolidated affiliates (1) (2) (2) (5) (21)
Other income (expense), net (14) (16) (6) (33) (101)
Loss before income taxes (145) (805) (30) (392) (2,623)
Provision for income taxes (130) (88) (3) (156) (207)
Net loss (15) (717) (27) (236) (2,416)
Net income (loss) attributable          
to noncontrolling interests (1) (3) (1) 1 (4)
Net loss attributable to Company (14) (714) (26) (237)

(2,412)

           
Per share data:          
Basic (0.04) (1.90) (0.07) (0.63) (6.41)
Diluted (0.04) (1.90) (0.07) (0.63) (6.41)
Weighted average shares outstanding:          
Basic 377 376 377 377 376
Diluted 377 376 377 377 376

-----

Earlier:

 NOV VARCO NET LOSS $221 MLN
2017, October, 27, 19:10:00

NOV VARCO NET LOSS $221 MLN

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.

 

 NOV VARCO NET LOSS $75 MLN
2017, July, 31, 14:05:00

NOV VARCO NET LOSS $75 MLN

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.

 

 NOV VARCO NET LOSS $122 MLN
2017, April, 27, 18:30:00

NOV VARCO NET LOSS $122 MLN

Revenues for the first quarter of 2017 were $1.74 billion, an increase of three percent compared to the fourth quarter of 2016 and a decrease of 20 percent from the first quarter of 2016. Operating loss for the first quarter was $97 million, or 5.6 percent of sales. Excluding other items, operating loss was $70 million, or 4.0 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the first quarter was $105 million, or 6.0 percent of sales, an increase of $3 million from the fourth quarter of 2016. Cash flow from operations for the first quarter was $111 million.

 

 NOV VARCO NET LOSS $714 MLN
2017, February, 7, 18:35:00

NOV VARCO NET LOSS $714 MLN

National Oilwell Varco, Inc. (NYSE: NOV) reported a fourth quarter 2016 net loss of $714 million, or $1.90 per share. Excluding other items, net loss for the quarter was $57 million, or $0.15 per share. Other items totaled $706 million, pretax, and were primarily associated with inventory charges, facility closures, and severance.

 

 NOV VARCO NET LOSS $1.7 BLN
2016, October, 27, 18:35:00

NOV VARCO NET LOSS $1.7 BLN

Revenues for the third quarter of 2016 were $1.65 billion, a decrease of five percent compared to the second quarter of 2016 and a decrease of 50 percent from the third quarter of 2015. Operating loss for the third quarter was $1.19 billion, or 72.1 percent of sales. Excluding other items, operating loss was $108 million, or 6.6 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the third quarter was $68 million, or 4.1 percent of sales, an increase of $43 million from the second quarter of 2016.

 

 NOV VARCO NET LOSS $336 MLN
2016, July, 28, 18:35:00

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.

 

 NOV VARCO NET LOSS $769 MLN
2016, February, 4, 18:55:00

NOV VARCO NET LOSS $769 MLN

Feb. 3, 2016-- National Oilwell Varco, Inc. (NYSE:NOV) today reported fourth quarter 2015 net income of $85 million, or $0.23 per fully diluted share, excluding other items, down from $0.61 in the third quarter of 2015 on a comparable basis. Other items included pre-tax charges of $1,634 million for goodwill and other intangible asset write-downs, $139 million for restructuring and other charges (which included inventory write-downs, severance and facility closure costs, and other costs), and $7 million in FX losses due to a currency devaluation in Argentina. GAAP net loss for the quarter was $1,523 million, or $4.06 per fully diluted share.

 

 

Tags: NOV, VARCO
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