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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
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