2020-07-28 10:55:00
NOV VARCO NET LOSS $93 MLN
NOV - Jul. 27, 2020-- National Oilwell Varco, Inc. (NYSE: NOV) today reported second quarter 2020 revenues of $1.50 billion, a decrease of 21 percent compared to the first quarter of 2020 and a decrease of 30 percent compared to the second quarter of 2019. Net loss for the second quarter of 2020 was $93 million, or -6.2 percent of sales, which included non-cash, pre-tax charges ("other items", see Other Corporate Items for additional detail) of $102 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) decreased $94 million sequentially to $84 million, or 5.6 percent of sales.
"The oil & gas industry is bearing the full brunt of the economic damage wrought by the COVID-19 pandemic that has driven drilling activity to record lows," commented Clay Williams, Chairman, President, and CEO. "Against this backdrop, NOV is continuing to aggressively reduce its cost structure and boost cash flow through more efficient operations and better working capital management."
"We are determined to re-size the organization to fit lower levels of demand and continue to make good progress executing the numerous initiatives required to meet our objective. During the second quarter, we exceeded our cost reduction targets and generated $378 million in cash flow from operations, further solidifying our balance sheet and positioning us well to capitalize on future opportunities."
"To the extent oil and gas companies and oilfield service companies continue to work, we find them gravitating to NOV as their supplier of choice. They know they can depend on us for superior quality, technology, value, and to be there to support their efforts for the long-term. With our market-leading technology, global footprint, diverse product portfolio, and customer-centric business model, NOV is positioned to exit this down-cycle stronger than ever before."
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Earlier:
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.
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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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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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