NOV Inc. reports Q3 EPS 11c, consensus 25c

Reports Q3 revenue $2.18B, consensus $2.14B. “NOV‘s operational performance improved sequentially in the third quarter,” stated Clay Williams, Chairman and CEO. “Strong execution on our offshore production backlog, disciplined cost control efforts, and continued efficiency improvements helped NOV maintain steady revenue and margins sequentially despite lower activity in energy and industrial markets. These efforts, combined with improved working capital management, drove robust free cash flow of $245 million during the quarter. Demand for NOV’s production equipment remains strong as the offshore upcycle gains momentum and global natural gas development expands. Bookings more than doubled sequentially, resulting in a book-to-bill ratio of 141%.”