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NOV Reports Fourth Quarter and Full Year 2020 Results
February 4, 2021 GMT
HOUSTON (BUSINESS WIRE) Feb 4, 2021
NOV Inc. (NYSE: NOV) today reported fourth quarter 2020 revenues of $1.33 billion, a decrease of four percent compared to the third quarter of 2020 and a decrease of 42 percent compared to the fourth quarter of 2019. Net loss for the fourth quarter of 2020 was $347 million, or -26.1 percent of sales, which included non-cash, pre-tax charges (“Other Items”, see Other Corporate Items for additional detail) of $236 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and Other Items) decreased $54 million sequentially to $17 million, or 1.3 percent of sales.
NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft
Oilfield equipment expert NOV Inc. warned Tuesday that fourth quarter earnings would be below guidance as stronger North American activity levels were not enough to overcome a softer international market.
On a consolidated basis, NOV expects to report quarterly revenue of $1.33 billion and an operating loss of $327 million.
“While rising North American activity levels drove higher revenues in the U.S. for our 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,” said CEO Clay Williams.