Revenues $3,810.2 million (+5%)
Revenue breakdown: Rig technology 55%, Petroleum services % supplies 37%, Distibution services 8%
Operating profit $856.4 million (+49%)
EPS $1.40(+33%)
Order backlog
31.12.2008 $11.1 billion, 30.09.2008 $11.8 billion, 31.12.2007 $9.0 billion
Year-end balance sheet
Assets
Current $9,595.1 million
Total $ $21,399.3 million(goodwill $5,225.0 million)
Liabilities
Current $5,626.6 million
Total $8,666.2 million
On outlook
"While near term economic conditions are challenging, we enter 2009 with a healthy backlog of equipment and technology to deliver to our customers, and a balance sheet with considerably more cash than debt. We believe that the oil and gas industry’s challenge to replace depleting reserves will require upgrading the world’s rig fleet, and we look forward to continuing to help our customers retool their rigs after years of underinvestment.”"
P/E 5.54(FY EPS $4.91)
P/B 1.12, 1.5 ex-goodwill
Press Release
The Grant Prideco acquisition, which was completed on 21. of April is the main reason for the jump in the profits. As a long term buy NOV looks very attractive.
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