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Bull of the Day

National-Oilwell Varco (NOV)

February 06, 2009 | Comments: 0
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National-Oilwell Varco's (NOV - Analyst Report) fourth-quarter results came in better-than-expected, reflecting increased sales of its oil and gas drilling components, buoyed by the April merger with Grant Prideco.

Revenue for the quarter was up 5.5% sequentially and 43.3% year-over-year to $3.81 billion. The company ended 2008 with a backlog of $11.1 billion, and aims to enter 2010 with a solid $9 billion backlog, highlighting a very high level of earnings visibility going forward.

Despite the challenging economic conditions, the company remains well-positioned for a strong performance in 2009 based on its healthy backlog, solid balance sheet, and strength in its international operations in the Middle East and Brazil. As such, our Buy recommendation remains unchanged.


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