National Oilwell Varco (NOV) Misses Q3 EPS by 6c

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Go back to National Oilwell Varco (NOV) Misses Q3 EPS by 6c

National Oilwell Varco Reports Third Quarter 2016 Results

October 26, 2016 8:45 PM EDT

HOUSTON--(BUSINESS WIRE)-- National Oilwell Varco, Inc. (NYSE: NOV) today reported a third quarter 2016 net loss of $1.36 billion, or $3.62 per share. Excluding other items, net loss for the quarter was $128 million, or $0.34 per share. Other items totaled $1.09 billion, pretax, consisting of a $972 million goodwill impairment and $116 million of other charges primarily associated with severance, facility closures and write-offs of certain assets. Other items, net of tax, totaled $1.23 billion and included a $213 million valuation allowance against foreign tax credits.

Revenues for the third quarter of 2016 were $1.65 billion, a decrease of five... More