National Oilwell Varco 2010 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2010 National Oilwell Varco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 110

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110

NATIONAL OILWELL VARCO, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
Years Ended December 31,
2010 2009 2008
Revenue
Sales $ 9,956 $ 10,812 $ 11,162
Services 2,200 1,900 2,269
Total 12,156 12,712 13,431
Cost of revenue
Cost of sales 6,598 7,297 7,784
Cost of services 1,726 1,631 1,575
Total 8,324 8,928 9,359
Gross profit 3,832 3,784 4,072
Selling, general and administrative 1,385 1,322 1,154
Intangible asset impairment 147
Operating profit 2,447 2,315 2,918
Interest and financial costs (50) (53) (67)
Interest income 13 9 45
Equity income in unconsolidated affiliate 36 47 42
Other income (expense), net (49) (110) 23
Income before income taxes 2,397 2,208 2,961
Provision for income taxes 738 735 993
Net income 1,659 1,473 1,968
Net income (loss) attributable to noncontrolling interests (8) 4 16
Net income attributable to Company $ 1,667 $ 1,469 $ 1,952
Net income attributable to Company per share:
Basic $ 3.99 $ 3.53 $ 4.91
Diluted $ 3.98 $ 3.52 $ 4.90
Cash dividends per share $ 0.41 $ 1.10 $
Weighted average shares outstanding:
Basic 417 416 397
Diluted 419 417 399
The accompanying notes are an integral part of these statements.
63