National Oilwell Varco Reports Wider Quarterly Loss
2019年4月26日 - 8:28AM
Dow Jones News
By Maria Armental
National Oilwell Varco Inc. (NOV) reported a wider loss in the
most recent period, driven by difficult start of the year and
capital austerity.
The first-quarter loss widened to $77 million, or 20 cents a
share, from $68 million, or 18 a share a year earlier. The
operating loss was $48 million, compared with a $1 million
operating loss a year earlier.
Revenue for the quarter ended March 31 rose to $1.94 billion
from $1.8 billion a year earlier.
The results were in line with the company's downbeat forecast as
of April 12 but below analysts' projected loss of 10 cents a share
on $2 billion in revenue, according to FactSet data.
On April 12, the company said it expected to report an operating
loss of about $48 million and $1.94 billion in revenue, below
earlier projections, citing the sharp drop in oil prices in late
2018 along with greater-than-expected capital austerity in upstream
oil and gas markets.
On Thursday, Chief Executive Clay Williams said in a statement
that the company expects modestly improving activity in
international and offshore markets but noted that capital austerity
in the North American land market leaves the company's near-term
outlook uncertain.
Still, Mr. Williams said, strong order acceleration in March
allowed the company to report a sequential increase in bookings,
improving its outlook for the current quarter and remainder of
2019.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 25, 2019 19:13 ET (23:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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