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HOUSTON - NOV Inc. (NYSE: NOV) reported better-than-expected fourth quarter results, sending shares up 4.66% in pre-market trading on Wednesday.
The oilfield equipment maker posted adjusted earnings of $0.41 per share, surpassing analyst estimates of $0.36 per share. Revenue came in at $2.31 billion, topping the consensus forecast of $2.26 billion.
NOV’s fourth quarter revenue decreased 1% YoY to $2.31 billion. The company reported net income of $160 million, or $0.41 per diluted share, down from $598 million, or $1.51 per share, in the year-ago quarter. However, the prior year period included a $485 million benefit from the release of valuation allowances on deferred tax assets.
Operating profit rose 29% YoY to $207 million, or 9.0% of sales. Adjusted EBITDA increased 3% to $302 million, representing 13.1% of sales.
"NOV’s fourth quarter rounded out a solid year during which we grew backlog and revenue, improved profitability, and generated substantial amounts of cash flow," said Clay Williams, Chairman, President and CEO.
For the full year 2024, NOV reported revenue of $8.87 billion, up 3% from 2023. Net income was $635 million, or $1.60 per diluted share.
Looking ahead to Q1 2025, NOV expects consolidated revenues to be down 1-3% YoY, with adjusted EBITDA between $235 million and $265 million.
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