National Oilwell Varco (NOV) Misses Q2 EPS by 11c

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National Oilwell Varco Reports Second Quarter 2020 Results

July 27, 2020 6:22 PM EDT

HOUSTON--(BUSINESS WIRE)-- 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.

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