National Oilwell Reports Second Quarter Earnings


National-Oilwell reported second quarter net income of $17.0 million ($0.21 per diluted share) compared to $25.3 million ($0.31 per diluted share) in the second quarter of 2001. Revenues for the quarter were $372.4 million, compared to $434.6 in the second quarter of 2001.

Pete Miller, chairman, president and CEO of National Oilwell, stated "Our Products and Technology Group revenues and operating income declined 7% and 15% sequentially, as decreased drilling activity in Canada especially impacted our downhole tools sales and rentals business. We were encouraged that new orders for capital equipment during the second quarter increased to $71 million compared to only $30 million in the first quarter. Backlog at June 30 was $278 million compared to $300 million at March 31, 2002.

"We are very pleased with the performance of our Distribution Services Group, which achieved 1% and 3% increases in revenues and operating profit over the first quarter. While the worldwide rig count declined 13% over the prior quarter, both our U.S. and international operations contributed to the revenue growth.

"Based on projected activity levels in our industry, we believe the second quarter represents the low point in 2002 for our operating profit. Quotations for international capital equipment sales remain active, and our substantial non-capital business will improve with an expected increase in worldwide rig activity."

About National Oilwell

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.

Source: NOV, Inc.

More articles on this topic

Franklin Electric Reports Fourth Quarter 2023 and Full Year 2023 Results

16.02.2024 -

Franklin Electric Co., Inc. announced its fourth quarter and full year financial results for fiscal year 2023. Fourth quarter 2023 net sales were $473.0 million, compared to fourth quarter 2022 net sales of $489.4 million. Fourth quarter 2023 operating income was $50.8 million, compared to fourth quarter 2022 operating income of $56.2 million. Fourth quarter 2023 EPS was $0.82, versus EPS in the fourth quarter 2022 of $0.84.

Read more