National Oilwell Reports First Quarter Earnings
HOUSTON, Apr 26, 2002 (BUSINESS WIRE) -- National-Oilwell, Inc. (NYSE:NOI) today reported first quarter net income of $21.2 million ($0.26 per diluted share) compared to $21.5 million ($0.26 per diluted share) in the first quarter of 2001. Revenues for the quarter were $389.0 million, compared to $360.3 in the first quarter of 2001.
Backlog of capital equipment orders totaled $300 million at March 31, 2002, compared to $382 million at March 31, 2001 and $385 million at December 31, 2001.
Pete Miller, President and CEO of National Oilwell, stated "Our capital equipment backlog declined $85 million from the prior quarter, as shipments from backlog totaled $115 million and we received $30 million in new orders. Though the pace of new orders slowed in the first quarter, our drilling contractor customers continue to enhance their fleet, preparing for an anticipated recovery in activity in the second half of this year. In fact, we already have received more new orders for capital equipment in April than we did in the entire first quarter.
"Our Distribution Services Group continues to perform well in this market, with revenues slightly higher than first quarter 2001, while the North American rig count was 27% lower for that same period. This is evidence of the success of our direct integration efforts and of the expansion of our business internationally."
National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry.
Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by National Oilwell with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
Source: National Oilwell Varco