logo
Plus   Neg
Share
Email

NOV Expects Q4 Revenue, Earnings Below Prior Guidance - Quick Facts

NOV Inc. (NOV) announced Tuesday that it expects fourth quarter 2020 revenue and earnings to be below prior guidance.

On a consolidated basis, the Company expects to report revenues of $1.33 billion, operating loss of $327 million and adjusted EBITDA of $17 million.

On average, 19 analysts polled by Thomson Reuters expect the company to report revenues $1.36 billion for the quarter.

The company said while rising North American activity levels drove higher revenues in the U.S. for its shorter-cycle businesses, international markets and demand for capital equipment remained soft through year-end, which led to fourth quarter results that were below our expectations for our three segments

The company said it is optimistic that improving commodity prices, rising activity, and the actions taken by it position NOV for the future will result in improved profitability over the course of 2021. It expects continued softness in its first quarter 2021 results.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration said that it will rapidly work toward finalization and issuance of an emergency use authorization of Johnson & Johnson's (JNJ) single-shot COVID-19 vaccine candidate. Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) reported that its fourth-quarter net earnings attributable to shareholders rose 23 percent to $35.84 billion from last year's $29.16 billion, with earnings per share improving to $23,015 per Class A share from $17,909 per Class A share in the prior year. Walmart Inc. has launched a nationwide drive to boost COVID-19 vaccination rates by reaching out to more residents in vulnerable communities. The retail giant will organize a series of community events at 43 locations in 18 states to administer the COVID-19 vaccine. Walmart said it plans to continue these new events over the next several weeks as vaccine allocations allow.
Follow RTT