National Oilwell Varco, Inc. NOV reported adjusted earnings of 13 cents per share in fourth-quarter 2019, missing the Zacks Consensus Estimate of 16 cents as North American drillers scale back their production growth plans, leaving less scope of work for the likes of National Oilwell Varco. However, the bottom line improved from the year-ago earnings of 3 cents. Particularly, better-than-expected revenue contribution from the Rig Technologies and the Wellbore Technologies segments led to this outperformance.
Rig Technologies’ revenues of $759 million surpassed the Zacks Consensus Estimate of $681 million owing to improved land rig deliveries and enhancement of offshore equipment projects.
Further, revenues from the Wellbore Technologies segment came in at $764 million, significantly above the Zacks Consensus Estimate of $746 million. The unit’s enhanced performance is attributable to recovery in the international and offshore market conditions and a better product mix.
Total revenues of $2.28 billion outperformed the Zacks Consensus Estimate of $2.10 billion but dipped 4.6% from the year-ago number of $2.39 billion.
No comments:
Post a Comment