NOV Inc. reports Q4 EPS $1.51, consensus 41c

Reports Q4 revenue $2.34B, consensus $2.26B. “NOV‘s Q4 results capped a solid year which saw 19% sales growth compared to 2022, and significantly better profitability in all three operating segments,” stated CEO Clay Williams. “Adjusted EBITDA and margin for the year were the highest since 2015. The company’s new products and technologies are seeing rising customer interest, while building momentum in international and offshore markets point to rising demand for our longer-cycle capital equipment businesses over the next several years…While geopolitical and economic risks remain elevated, and capital discipline remains a focus in the energy complex, we expect the growing need for secure, reliable, clean, and low-cost sources of energy will support the ongoing recovery in oil and gas markets for years to come…We expect growing adoption of NOV’s advanced technologies and continued growth in international and offshore markets should more than offset declining demand from North America during 2024. We also expect for improving working capital efficiencies and profitability to drive robust cash flow during the year.”