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Mar 31, 2022
NOV Q1 2022 Earnings Report
Improved financial results driven by better execution and improving pricing.
Key Takeaways
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.
Revenues increased by 24% compared to Q1 2021.
Adjusted EBITDA increased sequentially to $103 million.
Book-to-bill exceeded 100 percent, indicating strong order growth.
The company is navigating through raw material shortages, freight disruptions, and inflation.
Forward Guidance
Global oilfield activity is slowly rising with growing urgency, and this helped drive another quarter of strong orders for the Company with book-to-bill once again exceeding 100 percent. While NOV has a ways to go to achieve our desired financial results, the first quarter demonstrated clear, continued progress. With our innovative portfolio of technology and products, global team of talented individuals and strong financial position, NOV stands ready to help the industry confront these challenges as we advance into the emerging oilfield up-cycle.
Positive Outlook
- Global oilfield activity is slowly rising with growing urgency
- Strong orders for the Company with book-to-bill once again exceeding 100 percent
- Clear, continued progress
- Innovative portfolio of technology and products
- Strong financial position
Challenges Ahead
- Raw material shortages
- Freight disruptions
- Inflation
Historical Earnings Impact
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Avg. Return Before/After Earnings
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