http://www.morningstar.com/earnings/51414414-national-oilwell-varco-inc-nov-q1-2013.aspx

National Oilwell Varco, Inc. NOV
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/26/2013

Operator: Welcome to the National Oilwell Varco First Quarter Financial Results Earnings Call. My name is Dawn, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded.

I will now turn the call over to Loren Singletary, Vice President of Investor and Industry Relations. Mr. Singletary, you may begin.

Loren Singletary - VP, IR and Industry Relations: Thank you, Dawn, and welcome everyone to the National Oilwell Varco first quarter 2013 earnings conference call. With me today is Pete Miller, Chairman, and CEO, of National Oilwell Varco; Clay Williams, President and Chief Operating Officer; and Jeremy Thigpen, Senior Vice President and Chief Financial Officer.

Before we begin this discussion of National Oilwell Varco's financial results for its first quarter ended March 31, 2013, please note that some of the statements we make during this call may contain forecast, projections, and estimates, including but not limited to comments about our outlook for the Company's business.

These are forward-looking statements within the meaning of the Federal Securities laws based on limited information as of today, which is subject to change. They are subject to risk, and uncertainties and actual results might differ materially. No one should assume that these forward-looking statements remain valid later in the quarter or later in the year. I refer you to the latest Forms 10-K and 10-Q National Oilwell Varco, has on file with the Securities and Exchange Commission for a more detailed discussion of the major risk factors affecting our business. Further information regarding these as well as supplemental financial and operating information may be found within our press release, on our website at www.nov.com or in our filings with the SEC. Later on this call, we will answer your questions which we ask you to limit to two, in order to permit more participation.

Now, I will turn the call over to Pete for his opening comments.

Merrill A. 'Pete' Miller, Jr. - Chairman and CEO: Thank you, Loren. Earlier today National Oilwell Varco announced first quarter 2013 earnings of $1.17 per share on revenues of $5.31 billion, included in this a pre-tax charge of $73 million for transaction expenses and the Venezuela bolivar devaluation. Excluding these charges, earnings were $533 million, or $1.29 per fully diluted share.

Operating profit for the quarter was $816 million, or 15.4% of sales. Additionally, we announced new capital equipment orders of $3.04 billion, bringing our backlog to a record of $12.9 billion, signifying the industry's continued preference for National Oilwell Varco products. The total exceeds our record backlog in Q3 2008 by over $1 billion.

I would like to thank all of our customers for their continued confidence in National Oilwell Varco and to all of our 63,000 employees worldwide for their excellent efforts to meet our customers' expectations. I would also like to welcome all of the former Robbins & Myers employees to the National Oilwell Varco family.

Read our Earnings Call Transcript disclaimer.
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