TheChek News Flow

Reports Q4 (Dec) earnings of $1.56 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus Estimate of $1.39; revenues rose 8.6% year/year to $6.17 bln vs the $5.84 bln consensus.
Additional metrics:

• Operating profit flow-through, or the change in operating profit divided by the change in revenue, was 25% from the third quarter of 2013 to the fourth quarter of 2013, and was 4% from the fourth quarter of 2012 to the fourth quarter of 2013, excluding transaction charges from all periods.
• The Company's fourth quarter 2013 results included a record $1.5 bln in cash flow from operations, 50% greater than the previous record set in the third quarter of 2013.
• Backlog for capital equipment orders for the Company's Rig Technology segment at December 31, 2013 was a record at $16.24 bln, up seven% from the third quarter of 2013 and up 37% from the end of the fourth quarter of 2012.
• New orders during the quarter were $3.61 bln, reflecting continued strong demand for oilfield equipment.

Outlook: "...As we enter 2014, we recognize that there remain headwinds facing us in the North American land market. However, we are excited to be entering the year with strong financial resources, a very solid backlog, and an experienced group of employees at NOV that remains committed to delivering the highest quality of products and services to our customers. We are also excited about the upcoming spin-off of NOV's distribution business from the remainder of the Company in 2014, which we believe will enable the distribution business and the remainder of NOV to have the enhanced operational flexibility to focus on their specific products, services and customers."