National Oilwell Varco Announces Third Quarter 2014 Earnings

12.11.2014

National Oilwell Varco, Inc. reported that for its third quarter ended September 30, 2014, it earned net income of $699 million, or $1.62 per fully diluted share, compared to second quarter ended June 30, 2014 net income of $619 million, or $1.44 per fully diluted share.

The third quarter 2014 fully diluted earnings per share includes ($0.14) per share for transaction charges and the amortization of intangible assets. Excluding these, operating (non-GAAP) earnings per fully diluted share for the third quarter of 2014 were $1.76 per share, compared to $1.61 per share in the second quarter of 2014, an increase of nine percent.

Revenues for the third quarter of 2014 were $5.59 billion, an increase of six percent from the second quarter of 2014 and an increase of 17 percent from the third quarter of 2013. Operating profit for the quarter, excluding non-recurring items, was $989 million, or 17.7 percent of sales. EBITDA for the quarter, excluding non-recurring items, was $1.21 billion, or 21.6 percent of sales, up six percent from the prior quarter.

Ending backlog for the third quarter of 2014 was $14.34 billion for the Company’s Rig Systems segment and $2.09 billion for the Company’s Completion & Production Solutions segment.

Clay Williams, Chairman, President and CEO of National Oilwell Varco, stated, “Thanks to outstanding execution by our employees, the Company posted strong results for its third quarter of 2014. We set new records for operating profit, EBITDA and earnings per share during the period on solid revenue gains from continuing operations. Looking forward, we are closely monitoring the potential impact of lower oil prices on our markets; nevertheless, our strong backlog, our growing aftermarket business supporting NOV equipment, our diverse product and service offering, our terrific team of employees and our strong balance sheet, all give us confidence in the bright long-term prospects for the Company. This confidence led us to announce, in the third quarter, an authorization to repurchase $3 billion in stock.”

Rig Systems

Third quarter revenues for the Rig Systems segment were $2.66 billion, an increase of 12 percent from the second quarter of 2014 and an increase of 29.0 percent from the third quarter of 2013. Operating profit for this segment was $533 million, or 20.0 percent of sales. EBITDA for this segment was $554 million, or 20.8 percent of sales. Revenue out of backlog for the segment was at $2.39 billion.

Backlog for capital equipment orders for the Company’s Rig Systems segment at September 30, 2014 was $14.34 billion, down 6.8 percent from the second quarter of 2014, and up 2.0 percent from the end of the third quarter of 2013. New orders during the quarter were $1.34 billion.

Rig Aftermarket

Third quarter revenues for the Rig Aftermarket segment were $837 million, an increase of seven percent from the second quarter of 2014 and an increase of 18.0 percent from the third quarter of 2013. Operating profit for this segment was $229 million, or 27.4 percent of sales. EBITDA for this segment was $236 million, or 28.2 percent of sales.

Wellbore Technologies

Revenues for the third quarter of the Wellbore Technologies segment were $1.47 billion, an increase of two percent from the second quarter of 2014 and an increase of 14.0 percent from the third quarter of 2013. Operating profit for this segment was $278 million, or 18.9 percent of sales. EBITDA for this segment was $390 million, or 26.5 percent of sales.

Completion & Production Solutions

The Completion & Production Solutions segment generated revenues of $1.19 billion, an increase of six percent from the second quarter of 2014 and an increase of nine percent from the third quarter of 2013. Operating profit for this segment was $184 million, or 15.4 percent of sales. EBITDA for this segment was $242 million, or 20.3 percent of sales.

Backlog for capital equipment orders for the Company’s Completion & Production Solutions segment at September 30, 2014 was $2.09 billion, down 2.7 percent from the second quarter of 2014, and up 39.4 percent from the end of the third quarter of 2013. New orders during the quarter were $609 million.

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