2020-02-07 10:05:00
NOV VARCO NET LOSS $6.1 BLN
NOV VARCO - February 6, 2020 - National Oilwell Varco, Inc. (NYSE: NOV) today reported fourth quarter 2019 revenues of $2.28 billion, an increase of seven percent compared to the third quarter of 2019 and a decrease of five percent compared to the fourth quarter of 2018. Net loss for the fourth quarter was $385 million, which included non-cash, pre-tax charges ("other items", see Other Corporate Items for additional detail) of $537 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) increased $26 million sequentially to $288 million, or 12.6 percent of sales.
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.
"Our team executed well in a challenging market during 2019, successfully driving cost savings and efficiencies in working capital throughout our organization," commented Clay Williams, Chairman, President, and CEO. "Thanks to their efforts we were able to significantly improve cash flow and strengthen our balance sheet, despite the financial charges that were necessary through the year."
"The fourth quarter saw continued improvements in international and offshore markets, partially offset by another sequential decline in spending by our customers in North America. While this mix shift affects each of our segments differently, all three of our operating segments were able to deliver sequential improvements in adjusted EBITDA."
"NOV remains focused on creating value for our shareholders by supporting our customers across all phases of oil and gas operations with products and services that enhance their returns, improve safety, and extend the life of equipment. Our technology, global footprint, portfolio of products and services, and large installed base make NOV a partner of choice across the global oilfield."
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Earlier:
2019, October, 30, 09:15:00
NOV VARCO NET LOSS $244 MLN
National Oilwell Varco, Inc. (NYSE: NOV) 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.
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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.
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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.
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