National Oilwell Varco Thrives with Strong Q2 2008 Results
National Oilwell Varco, Inc. reported that for its second quarter ended June 30, 2008, it earned net income of $421.7 million, or $1.04 per fully diluted share, which includes $62.5 million of pre-tax charges ($0.10 per share after tax) related to its merger with Grant Prideco, Inc., $29.0 million ($0.07 per share) in additional tax provisions related to the Company's decision to repatriate earnings from certain foreign subsidiaries during the quarter and $7.2 million in pre-tax income ($0.01 per share after tax) from a Grant Prideco business that was sold during the quarter. Net income for the period excluding these charges and income was $486.5 million, or $1.20 per fully diluted share. Reported revenues for the second quarter were $3,324.2 million. Operating profit for the quarter, excluding the $62.5 million of transaction costs and income from the disposed Grant Prideco business, was $746.8 million.
Backlog for capital equipment orders for the Company's Rig Technology segment at June 30, 2008 increased to $10.8 billion, compared to $9.9 billion at March 31, 2008, with record new orders during the quarter of $2.2 billion. The increase in the Company's backlog for capital equipment reflected the strong demand for its drilling equipment
Revenues for the second quarter of 2008 for the Petroleum Services & Supplies segment were $1,123.8 million. This segment now includes the Drilling Products and Services, ReedHycalog, XL Systems and IntelliServ products of Grant Prideco. On an adjusted combined basis for the merger for both periods, revenues for the Petroleum Services & Supplies segment for the second quarter of 2008 were $1,244.3 million, down 5 percent compared to first quarter of 2008, and operating profit was $296.7 million, or 23.8 percent of revenue, down 5 percent from the first quarter of 2008. During the second quarter, approximately $98 million of revenues from products previously reported in the Petroleum Services & Supplies segment were transferred to the Company's other two segments, due to a realignment of management responsibilities. Excluding this realignment, segment revenues were up 2 percent sequentially, on an adjusted combined basis.
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