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2018-07-27 12:01:00

NOV VARCO NET INCOME $24 MLN

NOV VARCO NET INCOME $24 MLN

NOV - National Oilwell Varco, Inc. (NYSE: NOV) reported second quarter 2018 net income of $24 million, or $0.06 per diluted share. Revenues for the second quarter were $2.11 billion, an increase of 17 percent compared to the first quarter of 2018 and an increase of 20 percent from the second quarter of 2017. Operating profit for the second quarter of 2018 was $52 million, or 2.5 percent of sales, and Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) was $226 million, or 10.7 percent of sales.

"Our team executed well and delivered double-digit sequential sales growth across all three of our business segments during the second quarter," commented Clay Williams, Chairman, President, and CEO. "We achieved several notable milestones during the quarter, including securing the largest land rig order ever placed, which was associated with the creation of our previously announced drilling equipment joint venture with Saudi Aramco."

"Growing confidence in the sustainability of the ongoing recovery is resulting in strong North American activity coupled with improving activity and revenue growth in most international markets. Demand is accelerating for the technologies and products we've developed through the downturn that drive better safety and efficiency for our customers around the world. NOV is well-positioned to capitalize on an expanding global recovery."

NATIONAL OILWELL VARCO, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

(In millions, except per share date)

 
          Three Months Ended     Six Months Ended
          June 30,     March 31,     June 30,
          2018     2017     2018     2018     2017
Revenue:                                  
Wellbore Technologies         $ 793       $ 614       $ 711       $ 1,504       $ 1,169  
Completion & Production Solutions           738         652         670         1,408         1,300  
Rig Technologies           651         546         483         1,134         1,128  
Eliminations           (76 )       (53 )       (69 )       (145 )       (97 )
Total revenue           2,106         1,759         1,795         3,901         3,500  
Gross profit           355         231         287         642         440  
Gross profit %           16.9 %       13.1 %       16.0 %       16.5 %       12.6 %
Selling, general, and administrative           303         293         288         591         599  
Operating profit (loss)           52         (62 )       (1 )       51         (159 )
Interest and financial costs           (23 )       (26 )       (24 )       (47 )       (51 )
Interest income           5         4         7         12         8  
Equity income (loss) in unconsolidated affiliates           (1 )       (2 )       2         1         (2 )
Other income (expense), net           (3 )       (5 )       (47 )       (50 )       (20 )
Income (loss) before income taxes           30         (91 )       (63 )       (33 )       (224 )
Provision (benefit) for income taxes           5         (17 )       3         8         (30 )
                                                       
Net income (loss)           25         (74 )       (66 )       (41 )       (194 )
Net loss attributable to noncontrolling interests           1         1         2         3         3  
Net income (loss) attributable to Company         $ 24       $ (75 )     $ (68 )     $ (44 )     $ (197 )
Per share data:                                  
Basic         $ 0.06       $ (0.20 )     $ (0.18 )     $ (0.12 )     $ (0.52 )
Diluted         $ 0.06       $ (0.20 )     $ (0.18 )     $ (0.12 )     $ (0.52 )
Weighted average shares outstanding:                                  
Basic           378         377         377         377         377  
Diluted           381         377         377         377         377  
 
 

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions)
 
          June 30,     December 31,
          2018     2017
ASSETS                
Current assets:                
Cash and cash equivalents         $ 1,137     $ 1,437
Receivables, net           1,967       2,015
Inventories, net           3,158       3,003
Contract assets           445       495
Other current assets           301       267
Total current assets           7,008       7,217
                 
Property, plant and equipment, net           2,859       3,002
Goodwill and intangibles, net           9,444       9,528
Other assets           447       459
Total assets         $ 19,758     $ 20,206
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable         $ 616     $ 510
Accrued liabilities           950       1,238
Contract liabilities           609       519
Current portion of long-term debt and short-term borrowings           8       6
Accrued income taxes           11       81
Total current liabilities           2,194       2,354
                 
Long-term debt           2,707       2,706
Other liabilities           889       986
Total liabilities           5,790       6,046
                 
Total stockholders’ equity           13,968       14,160
Total liabilities and stockholders’ equity         $ 19,758     $ 20,206
 

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Earlier:

 

NOV - ARAMCO COOPERATION
2018, June, 29, 10:00:00

NOV - ARAMCO COOPERATION

NOV - National Oilwell Varco, Inc. (NYSE: NOV) today announced the signing of an agreement with Saudi Aramco to form a joint venture in the Kingdom of Saudi Arabia. Through its state-of-the-art manufacturing and fabrication facilities in the Kingdom and NOV’s market-leading drilling technologies, the joint venture will provide high-specification land rigs, rig and drilling equipment and offer certain aftermarket services.

 
 NOV VARCO NET LOSS $68 MLN
2018, April, 27, 10:30:00

NOV VARCO NET LOSS $68 MLN

NOV - National Oilwell Varco, Inc. (NYSE: NOV) today reported a first quarter 2018 net loss of $68 million, or $0.18 per share. Revenues for the first quarter were $1.80 billion, a decrease of nine percent compared to the fourth quarter of 2017 and an increase of three percent from the first quarter of 2017. Operating loss for the first quarter of 2018 was $1 million, or 0.1 percent of sales, and Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) was $160 million, or 8.9 percent of sales. Other items were a net credit of $12 million, pre-tax, primarily from the reversal of certain accruals, partially offset by restructure charges and severance payments.

 NOV VARCO NET LOSS $237 MLN
2018, February, 7, 07:25:00

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

 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.

 

Tags: NOV, VARCO