NOV Inc. reports Q4 EPS 26c, consensus 24c

Reports Q4 revenue $2.07B, consensus $1.95B. "Our fourth quarter results reflect a strong finish to a year that saw rising demand for NOV‘s products and services, gradually normalizing global supply chains, and improving execution by our organization," stated Clay Williams, CEO. "For the past two years, our short-cycle businesses within North America have driven our post-pandemic recovery. As we completed 2022, we began to see international and offshore markets inflect and accelerate, a trend we expect to drive improving orders for our longer-cycle businesses over the next few years and beyond. While recent declines in North American natural gas prices and persistent global recession risks may pose near-term headwinds to oilfield activity, we believe that the world simply must rebuild and fortify its petroleum supply capability soon and a sustained oil and gas up-cycle is required to increase energy security across the globe. Years of chronic underinvestment and a pandemic lockdown that severely stunted capacity make this up-cycle all the more urgent and daunting. NOV is up to the challenge. We stand ready to equip the industry with the tools necessary to do the job efficiently, economically, safely, and with minimal environmental impact."