National Oilwell Varco 2011 Annual Report Download - page 100

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Index to Financial Statements
16. Quarterly Financial Data (Unaudited)
Summarized quarterly results, were as follows (in millions, except per share data):
First
Quarter Second
Quarter Third
Quarter Fourth
Quarter
Year ended December 31, 2011
Revenues $ 3,146 $ 3,513 $ 3,740 $ 4,259
Gross profit 975 1,083 1,164 1,275
Net income attributable to Company 407 481 532 574
Net income attributable to Company per basic share 0.97 1.14 1.26 1.36
Net income attributable to Company per diluted share 0.96 1.13 1.25 1.35
Cash dividends per share 0.11 0.11 0.11 0.12
Year ended December 31, 2010
Revenues $ 3,032 $ 2,941 $ 3,011 $ 3,172
Gross profit 962 928 945 997
Net income attributable to Company 422 401 404 440
Net income attributable to Company per basic share 1.01 0.96 0.97 1.05
Net income attributable to Company per diluted share 1.01 0.96 0.96 1.05
Cash dividends per share 0.10 0.10 0.10 0.11
17. Subsequent Event
In February 2012, the Company entered into a definitive agreement to acquire NKT Flexibles I/S (NKT) for approximately $670 million in cash. NKT, a joint venture
between NKT Holding and Subsea 7 S.A., is based in Denmark. The company designs and manufactures flexible pipe products and systems for the offshore oil and gas
industry, including products associated with Floating Production, Storage and Offloading vessels and other offshore vessels, as well as subsea production systems including
flow-lines and flexible risers. This transaction is subject to customary closing conditions, including approval from the relevant competition authorities. Upon closing, the
Company expects to report the NKT results within its Rig Technology segment.
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