The 2020 Mid-Year Economic Update_long

National Oilwell Varco Sales Up 18% in Second Quarter

Distribution & transmission sales were up 66 percent.

National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for the second quarter of $5.6 billion, an increase of 18 percent compared to the same period a year ago. Profit fell 12.2 percent to $531 million.

The distribution & transmission segment had sales of $1.3 billion for the quarter, up 66 percent from the second quarter of 2012 (due mostly to previously disclosed mergers completed in 2012). Second quarter operating profit was $71 million, up 31 percent from the second quarter of 2012. Strong international sales and a full quarter contribution from Robbins & Myers fully offset the seasonal break-up declines in Canada.

Second-quarter sales for the rig technology segment were $2.8 billion, an increase of 18 percent from the second quarter of 2012. Operating profit was $587 million, a 2.8 percent increase year-over-year.

Sales for the petroleum services & supplies segment were $1.8 billion, down 2 percent from the second quarter of 2012. Operating profit was $304 million, a decrease of 22.6 percent from the second quarter of 2012.

Pete Miller, CEO, said, “Despite seasonal slowdowns in Canada and a challenging U.S. market, the company produced sequential gains in revenues and earnings, which were largely driven by strong revenues out of backlog and significant international growth within our petroleum services & supplies and distribution & transmission segments.

“As we move through the second half of 2013, we look forward to continued demand for our offshore drilling and floating production equipment, a gradual rebound in Canada, and continued growth from our other international operations.”

For the first six months, sales for National Oilwell Varco were $10.9 billion, an increase of 20.7 percent compared to the same period a year ago. Profit decreased 14.7 percent to $1 billion.

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