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2020-10-27 14:05:00

NOV VARCO NET LOSS $55 MLN

NOV VARCO NET LOSS  $55 MLN

NOV - HOUSTON--Oct. 26, 2020-- National Oilwell Varco, Inc. (NYSE: NOV) today reported third quarter 2020 revenues of $1.38 billion, a decrease of seven percent compared to the second quarter of 2020 and a decrease of 35 percent compared to the third quarter of 2019. Net loss for the third quarter of 2020 improved $38 million sequentially to $55 million, or -4.0 percent of sales, which included non-cash, pre-tax charges ("other items," see Other Corporate Items for additional detail) of $62 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) decreased $13 million sequentially to $71 million, or 5.1 percent of sales.

"Despite the sharp contraction in demand for oil and gas-related products and services caused by the global pandemic, our team's solid execution on cost reduction and working capital initiatives continues to exceed expectations, resulting in $323 million in cash flow from operations and a reduction in net debt to $339 million during the third quarter of 2020," commented Clay Williams, Chairman, President and CEO.

"While our third quarter bookings were light and market conditions remain challenging, we are seeing some encouraging signals in the marketplace. In North America, we believe drilling activity has bottomed and is likely to rise modestly from current levels. In our international markets, we are seeing more of our customers return to work and fewer COVID-19-related logistical disruptions. As a result, our Rig Technologies and Completion & Production Solutions segments have both seen significant increases in tendering activity, giving us confidence that order intake is likely to improve in the fourth quarter."

NATIONAL OILWELL VARCO, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

 

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Earlier:

 NOV VARCO NET LOSS $93 MLN
2020, July, 28, 10:55:00
NOV VARCO NET LOSS $93 MLN
National Oilwell Varco, Inc. (NYSE: NOV) reported second quarter 2020 revenues of $1.50 billion,
 
 NOV VARCO NET LOSS $2 BLN
2020, April, 28, 14:00:00
NOV VARCO NET LOSS $2 BLN
National Oilwell Varco, Inc. (NYSE: NOV) reported first quarter 2020 revenues of $1.88 billion, compared to $2.28 billion for the fourth quarter of 2019 and $1.94 billion for the first quarter of 2019.
 
 NOV VARCO NET LOSS $6.1 BLN
2020, February, 7, 10:05:00
NOV VARCO NET LOSS $6.1 BLN
NOV VARCO revenues for the full year 2019 were $8.48 billion, operating loss was $6.28 billion, and net loss was $6.10 billion, or $15.96 per share. Adjusted EBITDA for the full year was $885 million, or 10.4 percent of sales.

 

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