NOV Earnings Reports

NOV Inc. reported fourth quarter revenues of $2.31 billion, a decrease of one percent compared to the fourth quarter of 2023. Net income for the quarter was $160 million, or $0.41 per diluted share.

NOV Inc. reported third quarter 2024 revenues of $2.19 billion, a slight increase compared to the third quarter of 2023. Net income increased 14 percent to $130 million, or $0.33 per share, and adjusted EBITDA increased seven percent year-over-year to $286 million.

NOV Inc. reported a solid second quarter in 2024, with revenues of $2.22 billion, a 6% increase year-over-year. Net income was $226 million, and free cash flow reached $350 million. The company saw strong international growth offsetting declining activity in North America, with bookings of $977 million and a backlog at its highest level since 2015.

NOV Inc. reported a solid start to 2024 with a 10% year-over-year revenue increase, driven by strong growth in international land and offshore markets. The company announced a plan to return at least 50% of Excess Free Cash Flow annually through dividends and share repurchases, with board authorization to repurchase up to $1.00 billion of shares. Net income was $119 million, a slight decrease compared to the previous year, while adjusted EBITDA increased by 24% to $241 million.

NOV Inc. reported a strong fourth quarter in 2023, with revenues of $2.34 billion, up 13% year-over-year, and net income of $598 million, which included a $485 million release of valuation allowances on deferred tax assets. The company's full-year revenue was $8.58 billion, with a net income of $993 million.

NOV Inc. reported Q3 2023 revenues of $2.19 billion, a 16% increase year-over-year. Net income was $114 million, and operating profit was $183 million. Adjusted EBITDA increased to $267 million, or 12.2 percent of sales.

NOV Inc. reported a strong second quarter in 2023, with revenues of $2.09 billion, up 21% year-over-year, and net income of $155 million. The company saw growth across its segments, driven by rising demand in offshore and international land markets. Adjusted EBITDA increased to $245 million, reflecting improved operational performance.

NOV Inc. reported first quarter 2023 results with revenue of $1.96 billion, a 27% increase year-over-year. Net income was $126 million, and operating profit was also $126 million. The company experienced continued strong demand, with orders for capital equipment exceeding shipments by 9%.

NOV Inc. reported Q4 2022 revenues of $2.07 billion, a 37% increase year-over-year. Net income was $104 million, and operating profit was $162 million. Adjusted EBITDA increased to $231 million, representing 11.1% of sales.

NOV Inc. reported third quarter 2022 revenues of $1.89 billion, an increase of 41 percent compared to the third quarter of 2021. Net income for the third quarter of 2022 was $32 million. Operating profit was $55 million. Adjusted EBITDA increased sequentially to $195 million.

NOV Inc. reported a strong second quarter with revenues of $1.73 billion, up 22% year-over-year. Net income was $69 million, or $0.18 per share. The company's book-to-bill ratio exceeded 100% for the fifth consecutive quarter, indicating strong industry demand.

NOV Inc. reported first quarter 2022 revenues of $1.55 billion, a 24 percent increase compared to the first quarter of 2021. Net loss for the first quarter of 2022 was $50 million, which included $45 million of Other Items. Adjusted EBITDA increased sequentially to $103 million, or 6.7 percent of sales.

NOV Inc. reported Q4 2021 revenues of $1.52 billion, a 13% increase compared to the previous quarter and a 14% increase compared to Q4 2020. The net loss for the quarter was $40 million, which included $11 million in pre-tax charges related to COVID-19 and $9 million of other items. Adjusted EBITDA increased sequentially to $69 million, representing 4.5% of sales.

NOV Inc. reported third quarter 2021 revenues of $1.34 billion, a decrease of 5 percent compared to the second quarter of 2021 and a decrease of 3 percent compared to the third quarter of 2020. Net loss for the third quarter of 2021 was $69 million, or 5.1 percent of sales.

NOV Inc. reported second quarter 2021 revenues of $1.42 billion, a 13 percent increase compared to the first quarter of 2021 and a five percent decrease compared to the second quarter of 2020. The net loss for the quarter was $26 million, which included pre-tax net charges of $15 million. Adjusted EBITDA increased sequentially to $104 million, representing 7.3 percent of sales.

NOV Inc. reported a challenging first quarter in 2021 with revenues of $1.25 billion, a decrease of six percent compared to the fourth quarter of 2020 and a decrease of 34 percent compared to the first quarter of 2020. The company experienced a net loss of $115 million. However, the company is encouraged by signs of an emerging global recovery for the industry and expects a meaningful improvement in financial results as the year progresses.

NOV Inc. reported fourth quarter 2020 revenues of $1.33 billion, a decrease of four percent compared to the third quarter of 2020 and a decrease of 42 percent compared to the fourth quarter of 2019. Net loss for the fourth quarter of 2020 was $347 million, or -26.1 percent of sales.

National Oilwell Varco reported a decrease in revenue compared to the previous quarter and the same quarter last year. However, the company's net loss improved sequentially due to solid execution on cost reduction and working capital initiatives. The company generated significant cash flow from operations and reduced net debt during the quarter. Despite challenging market conditions, the company is seeing encouraging signals in North America and international markets.

National Oilwell Varco reported a challenging second quarter in 2020, with revenues of $1.50 billion, a net loss of $93 million, and adjusted EBITDA of $84 million. The company is focused on cost reduction and cash flow management amidst the economic impact of the COVID-19 pandemic.

National Oilwell Varco reported first quarter 2020 revenues of $1.88 billion, a decrease compared to both the previous and prior year's first quarter. The company experienced a net loss of $2.05 billion, which included $2.25 billion in non-cash, pre-tax charges. Adjusted EBITDA decreased sequentially to $178 million.

National Oilwell Varco reported Q4 2019 revenues of $2.28 billion, a 7% increase compared to the previous quarter but a 5% decrease compared to Q4 2018. The net loss for the quarter was $385 million, including $537 million in non-cash, pre-tax charges. Adjusted EBITDA increased sequentially to $288 million, representing 12.6% of sales.