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Article Excerpt
National Oilwell Varco, Inc. (NYSE:NOV) reported that for its second quarter ended June 30, 2009 it earned net income of $220 million, or $0.53 per fully diluted share, on revenues of $3,010 million.
The results include a $147 million pre-tax charge ($0.23 per share after tax) related to impairment of an intangible asset, $56 million of pre-tax charges ($0.09 per share after tax) related to transaction and voluntary retirement costs, and $21 million ($0.05 per share after tax) related to additional tax charges on revaluation gains in Norway. Net income for the period excluding these charges was $376 million, or $0.90 per fully diluted share, compared to first quarter ended March 31, 2009 net income of $470 million, or $1.13 per fully diluted share. Earnings per share, excluding these charges, decreased 13 percent compared to the second quarter of 2008, when the Company earned $421 million or $1.04 per fully diluted share....
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