National Oilwell Varco: 2Q Earnings Snapshot
HOUSTON (AP) _ National Oilwell Varco (NOV) on Monday reported a second-quarter loss of $5.39 billion, after reporting a profit in the same period a year earlier.
On a per-share basis, the Houston-based company said it had a loss of $14.11. Losses, adjusted for asset impairment costs, were 4 cents per share.
The results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for a loss of 7 cents per share.
The oil and gas industry supplier posted revenue of $2.13 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $2.08 billion.
National Oilwell Varco shares have declined 20% since the beginning of the year, while the Standard & Poor’s 500 index has increased 21%. The stock has decreased 56% in the last 12 months.