Stock Monitor: SAExploration Post Earnings Reporting
LONDON, UK / ACCESSWIRE / November 30, 2017 / Active-Investors free earnings report on National Oilwell Varco, Inc. (NYSE: NOV) ("National Oilwell") has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=NOV. The Company posted its financial results on October 26, 2017, for the third quarter of the fiscal year 2017. The leading manufacturer of equipment and components' exceeded earnings expectations. Register today and get free access to our complimentary member's area where many more reports are available:
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Earnings Highlights and Summary
During Q3 FY17, National Oilwell reported revenues of $1.84 billion compared to $1.65 billion in Q3 FY16, missing analysts' expectations of $1.87 billion. The gross profit surged 260.76% to $285.00 million in the reported quarter compared to $79.00 million in Q3 FY16.
National Oilwell posted an operating loss of $7.00 million in the reported quarter compared to an operating loss of $1.19 billion in Q3 FY16. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to $167.00 million in the reported quarter, increasing by $25.00 million on a q-o-q basis.
National Oilwell posted a loss on diluted earnings per share (EPS) of $0.07 in the reported quarter compared to $3.62 in Q3 FY16. Meanwhile, the diluted EPS was better than Wall Street's expectations for a loss of $0.08.
National Oilwell has five business segments, namely: (i) Rig Systems, (ii) Rig Aftermarket, (iii) Wellbore Technologies, (iv) Completion and Production Solutions, and (v) Eliminations.
The Rig Systems segment's revenue amounted to $330.00 million for reported quarter compared to $470.00 million in Q3 FY16, resulting in a decline of 29.79% on a y-o-y basis. The segment's operating profit was $11 million, or 3.3% of sales. Rig systems segment's adjusted EBITDA was $28 million, or 8.5%, reflecting a drop of 44% on a y-o-y basis.
The Rig Aftermarket segment posted revenues of $311.00 million in the reported quarter compared to $322.00 million in Q3 FY16, resulting in a decline of 3.42% on a y-o-y basis. The segment's adjusted EBITDA was $69 million, or 22.2% of sales; a decrease of 15% from the prior year's same quarter.
The Wellbore Technologies segment posted revenues of $693.00 million in the reported quarter compared to $526.00 million in Q3 FY16, resulting in a 31.75% increase on a y-o-y basis. The segment's adjusted EBITDA was $94 million, or 13.6% of sales, reflecting an increase of $68 million from the prior year's comparable period.
The Completion and Production Solutions segment's revenues amounted to $682.00 million in the reported quarter compared to $543.00 million in Q3 FY16, resulting in a 25.60% increase on a y-o-y basis.
The Eliminations segment posted a loss of $181.00 million in the reported quarter compared to a loss of $215.00 million in Q3 FY16.
The Company posted cash and cash equivalents of $1.72 billion in Q3 FY17 compared to $1.41 billion in Q4 FY16. The receivables amounted to $2.06 billion in Q3 FY17 compared to $2.08 billion in Q4 FY16.
The long-term debt amounted to $2.707 billion in the reported quarter compared to $2.708 billion in Q4 FY16.
National Oilwell posted a net loss of $221.00 million for the nine months period ending September 30, 2017, compared to $1.70 billion for the same period in the fiscal year 2016. The net cash provided by operating activities amounted to $511.00 million for the nine months period ending September 30, 2017, compared to $807.00 million for the same period in the fiscal year 2016.
The Company announced a cash dividend of $0.05 per share of common stock to be paid on December 22, 2017.
The Company expects EPS to be in the range of $1.77 and $2.27 in the fiscal years 2017 and 2018.
Stock Performance Snapshot
November 29, 2017 - At Wednesday's closing bell, National Oilwell Varco's stock advanced 1.49%, ending the trading session at $32.61.
Volume traded for the day: 2.66 million shares.
Stock performance in the previous three-month period – up 7.09%
After yesterday's close, National Oilwell Varco's market cap was at $12.43 billion.
The stock has a dividend yield of 0.61%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry.
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