National Oilwell Varco (NOV) Misses Q3 EPS by 76c

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Go back to National Oilwell Varco (NOV) Misses Q3 EPS by 76c

National Oilwell Varco Reports Third Quarter 2019 Results

October 28, 2019 6:15 PM EDT

HOUSTON--(BUSINESS WIRE)-- National Oilwell Varco, Inc. (NYSE: NOV) today 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. Net loss for the third quarter of 2019 was $244 million, which included non-cash, pre-tax charges (other items, see Other Corporate Items for additional detail) of $314 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) increased $67 million sequentially to $262 million, or 12.3 percent of sales.

In the third quarter, adjusted EBITDA improved significantly relative to second quarter results due to accelerating cost reductions, a... More