National Oilwell Varco (NOV) Tops Q2 EPS by 2c

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Go back to National Oilwell Varco (NOV) Tops Q2 EPS by 2c

National Oilwell Varco Reports Second Quarter 2016 Results

July 28, 2016 6:45 AM EDT

HOUSTON--(BUSINESS WIRE)-- National Oilwell Varco, Inc. (NYSE: NOV) today reported a second quarter 2016 net loss of $217 million, or $0.58 per share. Excluding other items, net loss for the quarter was $114 million, or $0.30 per share. Other items included $143 million in pre-tax charges ($103 million net of tax) primarily associated with severance, facility closure costs, and write-off of certain fixed assets.

Revenues for the second quarter of 2016 were $1.72 billion, a decrease of 21 percent compared to the first quarter of 2016 and a decrease of 56 percent from the second quarter of 2015. Operating loss for the second quarter was $270... More