Reports Q2 revenue $2.19B, consensus $2.15B. “Sales improved four percent sequentially, with an increase in capital equipment revenues more than offsetting a decline in spare part and product sales,” said Clay Williams, Chairman and CEO. “Macroeconomic uncertainty, the rapid unwinding of OPEC+ production quotas, and conflict in the Middle East led to greater caution among our customers, deferred orders, and lower year-over-year revenues. These market headwinds and a shift in sales mix pressured margins during the quarter.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NOV:
- National Oilwell options imply 4.4% move in share price post-earnings
- Is NOV a Buy, Before Earnings?
- NOV Inc. price target lowered to $22 from $23 at Stifel
- NOV Inc. price target lowered to $18 from $19 at Susquehanna
- Mixed Outlook for NOV: Hold Rating Amid Revenue Concerns and Strong FCF Conversion