Zacks
0
All posts from Zacks
Zacks in Our Research. Your Success.,

National Oilwell Varco (NOV) Q1 Loss Narrower than Expected

National Oilwell Varco Inc. NOV based in Houston, Texas is a world leader in the design, manufacture, and sale of comprehensive systems, components, products, and equipment used in oil and gas drilling and production worldwide.

The company reached its current form following the March 2005 merger between National Oilwell and Varco International. National Oilwell Varco divides its operations into four major segments: Rig Systems, Rig Aftermarket, Completion & Production Solutions, and Wellbore Technologies.

Currently, National Oilwell Varco has a Zacks Rank #3 (Hold) but that could change following its first quarter 2016 earnings report which has just released. The company has a good track record: its beaten estimates in 3 of the last four quarters at an average rate of 16.24%.

We have highlighted some of the key details from the just-released announcement below:

Earnings: National Oilwell Varco reports loss. Loss per share – excluding one-time items – came in at 6 cents, narrower than the Zacks Consensus Estimate for a loss of 11 cents.

Revenue: Revenues above expectations. Revenues of $2,189 million surpassed the Zacks Consensus Estimate of $2,184.1 million.

Key Stats: Operating profit in the Rig Systems segment decreased from $517 million in first-quarter 2015 to $119 million. Rig Aftermarket’s operating profit came at $77 million against $212 million in the year-ago period. The Wellbore Technologies reported operating loss of $53 million as against income of $140 million in Jan-Mar quarter of 2015. Lastly, National Oilwell Varco’s Completion & Production Solutions unit also swung to a fourth quarter loss of $4 million. In the year-ago period, the unit reported a profit of $117 million.

Check back later for our full write up on this National Oilwell Varco earnings report later!

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. http://www.zacks.com/registration/pfp/?ALERT=RPT_7BST_LP194&...">Click to get this free report >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
NATL OILWELL VR (NOV): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research