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2019-10-30 09:15:00

NOV VARCO NET LOSS $244 MLN

NOV VARCO NET LOSS $244 MLN

NOV - HOUSTON, TX, October 28, 2019  -  National Oilwell Varco, Inc. (NYSE: NOV) today reported third quarter 2019 revenues of $2.13 billion, compared to $2.13 billion for the second quarter of 2019 and $2.15 billion for the third quarter of 2018. Net loss for the third quarter of 2019 was $244 million, which included non-cash, pre-tax charges ("other items", see Other Corporate Items for additional detail) of $314 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) increased $67 million sequentially to $262 million, or 12.3 percent of sales. 

"In the third quarter, adjusted EBITDA improved significantly relative to second quarter results due to accelerating cost reductions, a favorable revenue shift towards higher-margin offshore and aftermarket businesses, and positive project close-out variances," commented Clay Williams, Chairman, President, and CEO. "While third quarter revenue was essentially flat with the prior quarter, margins improved as sales growth in international and offshore markets helped offset sequential declines from North American operations where our customers are reducing their spending." 

"We were also pleased to see NOV post its strongest cash flow quarter in more than three years, as our concerted efforts to more efficiently manage working capital are making an impact. Overall, NOV's unique strategic position within oil and gas, including its broad geographic and product diversity, its market leadership, and its large installed base, contributed to its improving results in the third quarter. As our industry battles deep cyclicality and divergent market conditions, the Company remains committed to improving its financial returns while also helping our customers improve the efficiency, environmental performance and safety of their operations."

nov varco income loss september 30 2019

 

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Earlier:

NOV VARCO NET LOSS $5.4 BLN
2019, July, 30, 10:45:00
NOV VARCO NET LOSS $5.4 BLN
National Oilwell Varco, Inc. (NYSE: NOV) today reported second quarter 2019 revenues of $2.13 billion, an increase of 10 percent compared to the first quarter of 2019 and an increase of one percent from the second quarter of 2018.
 
 
 NOV VARCO NET LOSS $77 MLN
2019, April, 26, 10:10:00
NOV VARCO NET LOSS $77 MLN
National Oilwell Varco, Inc. (NYSE: NOV) reported first quarter 2019 revenues of $1.94 billion, a decrease of 19 percent compared to the fourth quarter of 2018 and an increase of eight percent from the first quarter of 2018.
 
 NOV VARCO NET LOSS $31 MLN
2019, February, 8, 11:05:00
NOV VARCO NET LOSS $31 MLN
NOV - National Oilwell Varco, Inc. (NYSE: NOV) reported fourth quarter 2018 revenues of $2.40 billion, an increase of 11 percent compared to the third quarter of 2018 and an increase of 22 percent from the fourth quarter of 2017. Operating profit for the fourth quarter of 2018 was $87 million, or 3.6 percent of sales, Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) was $279 million, or 11.6 percent of sales, and net income was $12 million. Operating profit increased 19 percent sequentially, and Adjusted EBITDA increased 14 percent sequentially and 42 percent compared to the fourth quarter of 2017. Other items totaled $21 million, pre-tax, and were primarily related to charges associated with the closure of one of the Company’s facilities.

 

Tags: NOV, VARCO