National Oilwell Third Quarter Net Income Increases by 143%
National-Oilwell, Inc. reported record performance with third quarter net income of $28.9 million ($0.36 per diluted share), up from $11.9 million ($0.15 per diluted share) in the third quarter of 2000, and up from $25.3 million ($0.31 per diluted share) in the second quarter of 2001. Revenues for the quarter also reached a record level of $486.8 million, 70% above the third quarter of 2000 and a 12% sequential increase from the second quarter.
Pete Miller, president and CEO of National Oilwell, stated "Our Distribution Services business achieved excellent results, with revenues and operating income up 45% and 138% from the same quarter last year, and 11% and 25% over the second quarter of this year. Our strategy of leveraging our direct integration capabilities throughout the upstream oil and gas industry, wherein we are the primary provider of MRO commodities, expendables and drilling spare parts, is generating increased revenues and broadening our exposure to the international markets.
"Likewise, our Products and Technology business experienced impressive gains in revenues and operating income, up 90% and 148% over the third quarter of 2000 and 15% and 20% over the prior quarter. While commodity prices have softened in the last ninety days, our backlog has continued to grow and will provide significant certain revenues into 2002. Revenues generated from sales of equipment from backlog during the quarter were $145 million, a 49% increase from the second quarter of 2001. New orders for capital equipment totaling $157 million were received during the quarter and the backlog at September 30 stands at $453 million."