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Mar 31, 2023
NOV Q1 2023 Earnings Report
Reported revenue of $1.96 billion and net income of $126 million.
Key Takeaways
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%.
Revenue increased 27% compared to Q1 2022.
Orders for capital equipment exceeded shipments out of backlog by 9%.
Offshore and international activity is building strong momentum.
Underlying performance across the business continued to improve.
NOV
NOV
NOV Revenue by Segment
Revenue by Segment
Energy Products & Svcs Revenue
CapyFin.comEnergy Equipment Revenue
CapyFin.com Forward Guidance
NOV anticipates rising demand in offshore and international markets to underpin steadily rising results for the organization as 2023 progresses.
Positive Outlook
- Rising demand in offshore markets.
- Rising demand in international markets.
- Steady increase in tendering activity.
- Steady increase in backlog.
- Greater demand for new technologies.
Challenges Ahead
- Decline in North American natural gas prices may be a near-term headwind.
- Impact of seasonality.
- Significant supply chain disruption within Wellbore Technologies segment.
- Unexpected charges weighed on results.
- Continued supply chain challenges disrupted the Segment’s drill pipe operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income