National Oilwell Reports Continued Earnings and Backlog Growth
National-Oilwell, Inc. reported second quarter net income of $25.3 million ($0.31 per diluted share), up from $6.1 million ($0.08 per diluted share) excluding expenses related to the acquisition of IRI in the second quarter of 2000, and up from $21.5 million ($0.26 per diluted share) in the first quarter of 2001. Revenues for the quarter were $434.6 million, 61% above the second quarter of 2000 and a 21% sequential increase from the first quarter.
Pete Miller, President and CEO of National Oilwell, stated "Each of our segments achieved significant growth compared to the prior year second quarter as well as a continuation of sequential quarterly improvement. Revenues generated from sales of equipment from backlog during the quarter were $97 million, a 50% increase from the first quarter of 2001, yet total backlog still increased by approximately $60 million to $441 million at June 30. Our Products and Technology revenues that are not backlog related are up 81% from the second quarter of 2000, and up 14% from the first quarter of this year. I am also very pleased with the gains we are making in our Distribution Services business, which achieved revenues 42% higher than the second quarter of 2000, and 6% higher than the first quarter of this year in spite of the seasonally weak Canadian market."