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National Oilwell Varco Announces Second Quarter 2014 Earnings

National Oilwell Varco, Inc. (NYSE: NOV) today reported that for its second quarter ended June 30, 2014, it earned net income of $619 million, or $1.44 per fully diluted share, compared to first quarter ended March 31, 2014 net income of $589 million, or $1.37 per fully diluted share.

The second quarter 2014 fully diluted earnings per share includes: $0.02 per share for income from discontinued operations, ($0.05) per share for nonrecurring items and ($0.14) per share for the amortization of intangible assets. The first quarter of 2014 fully diluted earnings per share includes: $0.09 per share for income from discontinued operations, ($0.01) per share for nonrecurring items and ($0.14) per share for the amortization of intangible assets. Excluding these items, operating (non-GAAP) earnings per fully diluted share for the second quarter of 2014 were $1.61 per share, compared to $1.43 per share in the first quarter of 2014, an increase of 13 percent.

As previously announced, on May 30, 2014, the Company completed the spin-off to its stockholders of its distribution business as an independent public company, NOW Inc. These results are presented as discontinued operations. This also marks the first quarter in which the Company has issued financial results based on its four new reporting segments.

Revenues for the second quarter of 2014 were $5.26 billion, an increase of seven percent from the first quarter of 2014 and an increase of 12 percent from the second quarter of 2013. Operating profit for the quarter, excluding non-recurring items, was $945 million, or 18.0 percent of sales. EBITDA for the quarter, excluding non-recurring items, was $1.14 billion, or 21.7 percent of sales, up 12 percent from the prior quarter.

Ending backlog for the second quarter of 2014 was $15.39 billion for the Company’s Rig Systems segment and $2.14 billion for the Company’s Completion & Production Solutions segment.

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