Core Insights - Zacks Premium offers tools for investors to enhance their stock market engagement and confidence through various research services [1] Zacks Style Scores - Zacks Style Scores are indicators that assist investors in selecting stocks likely to outperform the market within 30 days, rated from A to F based on value, growth, and momentum characteristics [2] - The Value Score focuses on identifying undervalued stocks using financial ratios like P/E and Price/Sales [2] - The Growth Score emphasizes a company's financial health and future outlook, analyzing projected and historical earnings and cash flow [3] - The Momentum Score identifies optimal times to invest based on price trends and earnings estimate changes [3] - The VGM Score combines all three Style Scores, providing a comprehensive assessment of stocks based on value, growth, and momentum [4] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [5] - Investors are encouraged to focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [6] Company Spotlight: NOV Inc. - NOV Inc., based in Houston, TX, specializes in systems and equipment for oil and gas drilling, aiming to reduce industry costs [8] - The company holds a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating potential for growth [8] - NOV is projected to have a year-over-year earnings growth of 5.2% for the current fiscal year, with a Zacks Consensus Estimate of $1.61 per share [8] - The company has seen seven analysts raise their earnings estimates in the last 60 days, with an average earnings surprise of 22.1% [8][9]

Company Overview - NOV Inc., formerly known as National Oilwell Varco, is a leading company in the design, manufacture, and sale of systems, components, products, and equipment for oil and gas drilling and production globally [7]. - The company focuses on proprietary technologies aimed at reducing the industry's marginal cost per barrel [7]. Investment Ratings - NOV is currently rated as a 3 (Hold) on the Zacks Rank, indicating a neutral outlook [7]. - The company has a VGM Score of A, reflecting strong overall performance across value, growth, and momentum metrics [7][8]. Value Metrics - NOV has a Value Style Score of A, supported by a forward P/E ratio of 10.99, which is attractive for value investors [7]. - The Zacks Consensus Estimate for NOV's earnings per share for fiscal 2024 has increased by $0.04 to $1.60, following upward revisions from six analysts in the last 60 days [7]. Earnings Performance - NOV has demonstrated an average earnings surprise of 22.1%, indicating a history of exceeding earnings expectations [7].

Core Insights - Zacks Premium offers tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1] Zacks Style Scores - Zacks Style Scores are indicators that rate stocks based on value, growth, and momentum, helping investors identify stocks likely to outperform the market in the next 30 days [2] - Stocks are rated from A to F, with A indicating the highest potential for outperformance [2] Value Score - The Value Score identifies attractive stocks using ratios like P/E, PEG, and Price/Sales, focusing on finding undervalued stocks [2] Growth Score - The Growth Score assesses a company's financial health and future outlook, analyzing projected and historical earnings, sales, and cash flow [3] Momentum Score - The Momentum Score helps investors capitalize on price trends, using metrics like weekly price changes and monthly earnings estimate changes [3] VGM Score - The VGM Score combines the three Style Scores, providing a comprehensive rating based on value, growth, and momentum [3] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investors, with 1 (Strong Buy) stocks achieving an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [4] - There are over 800 top-rated stocks available, making selection challenging for investors [4] Investment Strategy - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [5] - Stocks with lower ranks but high Style Scores may still carry risks if earnings forecasts are declining [5] Company Spotlight: NOV Inc. - NOV Inc., based in Houston, TX, is a leader in oil and gas drilling and production systems, aiming to reduce industry costs [6] - Currently rated 3 (Hold) by Zacks, NOV has a VGM Score of A and a Growth Style Score of A, with a projected earnings growth of 5.2% for the current fiscal year [6] - The Zacks Consensus Estimate for NOV's earnings has increased by $0.05 to $1.61 per share, with an average earnings surprise of 22.1% [6][7]

Financial Performance - For Q2 2024, NOV generated revenues of $2.22 billion, a 6% increase compared to Q2 2023, with net income of $226 million, or 10.2% of sales[95] - Adjusted EBITDA for Q2 2024 increased 15% year-over-year to $281 million, representing 12.7% of sales[95] - Operating profit from Energy Products and Services decreased to $128 million for Q2 2024, down from $156 million in Q2 2023, a decline of 18%[110] - Revenue from Energy Equipment increased by 8% to $1,204 million for Q2 2024, compared to $1,117 million in Q2 2023, driven by strong international sales[111] - Operating profit from Energy Equipment rose significantly to $232 million in Q2 2024, compared to $81 million in Q2 2023, an increase of 186%[112] - The effective tax rate increased to 23.9% for Q2 2024, compared to 10.8% in Q2 2023, impacted by earnings in higher tax jurisdictions and losses in others[121] - Cash and cash equivalents stood at $827 million as of June 30, 2024, with total debt at $1,748 million, reflecting a slight increase in cash from $816 million at the end of 2023[128] - Net cash provided by operating activities was $354 million for the six months ended June 30, 2024, compared to a cash usage of $274 million in the same period of 2023[132] Segment Performance - Energy Products and Services segment revenues were $1,050 million in Q2 2024, a 2% increase from Q2 2023, while operating profit decreased to $128 million, or 12.2% of sales[96] - Energy Equipment segment revenues reached $1,204 million in Q2 2024, an 8% increase from Q2 2023, with operating profit rising to $232 million, or 19.3% of sales[97] Orders and Backlog - New orders booked in Q2 2024 totaled $977 million, a significant increase of $466 million compared to $511 million in Q2 2023, resulting in a book-to-bill ratio of 177%[98] - As of June 30, 2024, the backlog for capital equipment orders in the Energy Equipment segment was $4,331 million, an increase of $472 million from the previous year[98] - The capital equipment backlog increased to $4,331 million as of June 30, 2024, up by $472 million from $3,859 million a year earlier, with expectations of approximately 25% of this backlog converting to revenue in the remainder of 2024[113] Costs and Expenditures - Interest and financial costs rose to $22 million for Q2 2024, compared to $21 million in Q2 2023, primarily due to debt borrowings[117] - Corporate costs declined by 5% in Q2 2024 compared to the same period in 2023, attributed to cost-saving initiatives[116] - Capital expenditures for the first six months of 2024 totaled $151 million, while business acquisitions net of cash were $252 million[133] Shareholder Returns - The Company repurchased 2.0 million shares of common stock at an average price of $18.50 per share and increased its base dividend by 50% during the second quarter[134] - The Company expects to return at least 50% of Excess Free Cash Flow to shareholders through dividends and stock buybacks[134] Foreign Exchange and Joint Ventures - The Company recorded a foreign exchange loss of $17 million in the first six months of 2024, compared to a loss of $35 million in the same period of the prior year[138] - The Company had transactional exposures totaling $439 million and translational exposures totaling $333 million in foreign currencies as of June 30, 2024[140] - The joint venture in Saudi Arabia borrowed $120 million against a $150 million bank line of credit, with compliance to a maximum debt-to-equity ratio of 75% as of June 30, 2024[130] Strategic Focus - NOV is focusing on developing technologies for energy transition, including projects related to wind energy and carbon sequestration, anticipating growth in these areas[102] - The Company anticipates funding future cash acquisitions primarily with cash flow from operations and borrowings, including the unborrowed portion of the revolving credit facility[135]

Core Insights - NOV Inc. reported second-quarter 2024 adjusted earnings of 57 cents per share, exceeding the Zacks Consensus Estimate of 35 cents and up from 39 cents in the previous year, driven by improved execution, customer demand, and pricing [1] - Total revenues reached $2.2 billion, surpassing the Zacks Consensus Estimate by 1.5% and increasing 5.9% from $2.1 billion in the prior year [1] - The company repurchased 2 million shares at an average price of $18.5 and increased its base dividend by 50%, alongside a net credit of $118 million from divesting its Pole Products business [1] Financial Performance - Energy Products and Services segment reported revenues of $1.1 billion, missing projections but exceeding the prior year's $1 billion, attributed to strong international and offshore demand [3] - Adjusted EBITDA for this segment was $184 million, slightly below the estimate of $185.7 million and down from $198 million year-over-year due to decreased North American activity [3] - Energy Equipment segment revenues increased 7.8% year-over-year to $1.2 billion, beating projections, with adjusted EBITDA rising to $142 million from $99 million in the previous year [4] Order Backlog and Capital - Energy Equipment segment saw new orders of $977 million, a $466 million increase year-over-year, resulting in a book-to-bill ratio of 177% [4] - As of June 30, 2024, the backlog for Energy Equipment capital orders was $4.3 billion, reflecting a $472 million increase from the previous year [4] - The company had cash and cash equivalents of $827 million and long-term debt of $1.7 billion, with a debt-to-capitalization ratio of 21.1% [5] Future Outlook - For the third quarter, management projects consolidated revenues to be flat or increase by a low single-digit percentage year-over-year, with adjusted EBITDA expected between $270 million and $305 million [6] - Full-year 2024 revenue growth is estimated in the low to mid-single digits, with adjusted EBITDA between $1.10 billion and $1.18 billion, and capital expenditures projected at $330 million [6] - The company plans to return at least 50% of excess free cash flow to shareholders through dividends and stock buybacks [7]

NOV Inc. Second Quarter 2024 Earnings Presentation July 26, 2024 Safe Harbor / Forward-Looking Statements / Non-GAAP Financial Measures Statements in this presentation, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. Statements of hopes, beliefs, expectations, and predictions of future performance are subject to numerous risks and uncertainties, many of which are beyond the Company's control. Actual results may di ...

NOV Inc. (NYSE:NOV) Q2 2024 Earnings Conference Call July 26, 2024 11:00 AM ET Company Participants Amie D'Ambrosio - Director, Investor Relations Clay Williams - Chairman, President and CEO Jose Bayardo - Senior Vice President and CFO Conference Call Participants Jim Rollyson - Raymond James James West - Evercore Arun Jayaram - JPMorgan Marc Bianchi - TD Cowen Luke Lemoine - Piper Sandler Stephen Gengaro - Stifel Operator Good day and thank you for standing by. Welcome to Q2 NOV, Inc. Earnings Conference C ...

[Second Quarter 2024 Financial Performance](index=1&type=section&id=Second%20Quarter%202024%20Financial%20Performance) NOV Inc. reported strong financial results for the second quarter of 2024, with a 6% year-over-year revenue increase to $2.22 billion, net income rising $71 million to $226 million, and Adjusted EBITDA growing 15% to $281 million, alongside substantial free cash flow of $350 million and a high book-to-bill ratio of 177% [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) NOV Inc. reported strong financial results for the second quarter of 2024, with a 6% year-over-year revenue increase to $2.22 billion, net income rising $71 million to $226 million, and Adjusted EBITDA growing 15% to $281 million, alongside substantial free cash flow of $350 million and a high book-to-bill ratio of 177% Q2 2024 Key Financial Metrics | Metric | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | | Revenue | $2.22 billion | +6% | | Net Income | $226 million | +$71 million | | Diluted EPS | $0.57 | +$0.18 | | Adjusted EBITDA | $281 million | +15% | | Cash Flow from Operations | $432 million | - | | Free Cash Flow | $350 million | - | - The company achieved a **strong book-to-bill ratio of 177%** on new orders of **$977 million** during the quarter[6](index=6&type=chunk) - A net credit of **$118 million** within 'Other Items' significantly impacted operating profit and net income[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Chairman, President, and CEO Clay Williams highlighted the company's solid execution, which led to improved profitability and cash flow, with Adjusted EBITDA margin reaching its highest point since 2015, noting that strong international and offshore growth, driven by new technology adoption, is offsetting weaker North American activity, and the growing backlog and improved margins underpin the company's commitment to returning excess free cash flow to shareholders - Adjusted EBITDA margin of **12.7%** was the highest since 2015[4](index=4&type=chunk) - Strong international growth and market share gains are offsetting declining activity in North America[5](index=5&type=chunk) - The company accelerated its return of capital to shareholders, totaling **$67 million** in Q2 through share repurchases and an increased dividend[6](index=6&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) The company's Energy Products and Services segment saw revenue growth driven by international demand but faced declining profitability, while the Energy Equipment segment experienced significant revenue and profit growth, boosted by a divestiture and strong order intake [Energy Products and Services](index=2&type=section&id=Energy%20Products%20and%20Services) The Energy Products and Services segment reported a 2% year-over-year revenue increase to $1.05 billion, driven by strong international and offshore demand, however, profitability declined, with operating profit falling to $128 million and Adjusted EBITDA decreasing to $184 million, primarily due to a less favorable sales mix Energy Products and Services Q2 2024 Performance | Metric | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | | Revenue | $1,050 million | +2% | | Operating Profit | $128 million | -$28 million | | Adjusted EBITDA | $184 million | -$14 million | | Adjusted EBITDA Margin | 17.5% | - | - Revenue improvement was driven by strong demand in international and offshore markets, which more than offset declining North American activity[7](index=7&type=chunk) [Energy Equipment](index=2&type=section&id=Energy%20Equipment) The Energy Equipment segment's revenue grew 8% year-over-year to $1.204 billion, with operating profit surging to $232 million, significantly boosted by a $119 million net credit from a business divestiture, and Adjusted EBITDA increasing by $43 million to $142 million, as the segment experienced very strong order intake, with new orders of $977 million, resulting in a 177% book-to-bill ratio and growing the capital equipment backlog to $4.331 billion Energy Equipment Q2 2024 Performance | Metric | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | | Revenue | $1,204 million | +8% | | Operating Profit | $232 million | +$151 million | | Adjusted EBITDA | $142 million | +$43 million | | Adjusted EBITDA Margin | 11.8% | - | Energy Equipment Orders and Backlog | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | New Orders | $977 million | $511 million | | Book-to-Bill | 177% | 101% | | Capital Equipment Backlog | $4,331 million | $3,859 million | - Profitability was positively impacted by a **$119 million** net credit from the divestiture of its Pole Products business[8](index=8&type=chunk) [Financial Outlook](index=2&type=section&id=Financial%20Outlook) NOV anticipates flat to low-single-digit year-over-year revenue growth for Q3 2024, with Adjusted EBITDA between $270 million and $305 million, and projects low- to mid-single-digit revenue growth and Adjusted EBITDA in the range of $1.10 billion to $1.18 billion for the full year 2024 [Q3 and Full Year 2024 Outlook](index=2&type=section&id=Q3%20and%20Full%20Year%202024%20Outlook) NOV anticipates flat to low-single-digit year-over-year revenue growth for the third quarter of 2024, with Adjusted EBITDA expected to be between $270 million and $305 million, and for the full year 2024, the company projects low- to mid-single-digit revenue growth and Adjusted EBITDA in the range of $1.10 billion to $1.18 billion Q3 2024 Guidance | Metric | Guidance | | :--- | :--- | | Consolidated Revenues (YoY) | Flat to up low-single digit % | | Adjusted EBITDA | $270 million - $305 million | Full Year 2024 Guidance | Metric | Guidance | | :--- | :--- | | Consolidated Revenue Growth | Low- to mid-single digit % | | Adjusted EBITDA | $1.10 billion - $1.18 billion | [Corporate Information and Financial Position](index=2&type=section&id=Corporate%20Information%20and%20Financial%20Position) NOV demonstrated a strong commitment to shareholder returns through share repurchases and increased dividends, while maintaining a robust balance sheet with significant cash and liquidity [Capital Allocation and Shareholder Returns](index=2&type=section&id=Capital%20Allocation%20and%20Shareholder%20Returns) During the second quarter, NOV repurchased 2.0 million shares for $37 million and increased its base dividend by 50%, reiterating its policy to return at least 50% of Excess Free Cash Flow to shareholders through a combination of dividends and opportunistic stock buybacks - Repurchased **2.0 million shares** of common stock at an average price of **$18.50 per share**[12](index=12&type=chunk) - Increased the base dividend by **50%** during the quarter[12](index=12&type=chunk) - The company plans to return at least **50% of Excess Free Cash Flow** to shareholders annually[12](index=12&type=chunk) [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2024, NOV maintained a solid financial position with $827 million in cash and cash equivalents, total debt of $1.75 billion, and significant liquidity with $2.00 billion available on its primary revolving credit facility Liquidity Position as of June 30, 2024 | Item | Amount | | :--- | :--- | | Cash and cash equivalents | $827 million | | Total debt | $1.75 billion | | Availability on revolving credit facility | $2.00 billion | [Significant Achievements](index=3&type=section&id=Significant%20Achievements) NOV secured key contracts and achieved significant operational milestones in Q2 2024, including framework agreements for Downhole Broadband Solutions, orders for wind towers and WTIV designs, and successful deployments of advanced drilling and completion technologies, demonstrating broad technological adoption and market penetration [Key Operational and Technological Highlights](index=3&type=section&id=Key%20Operational%20and%20Technological%20Highlights) NOV secured several key contracts and achieved significant operational milestones in Q2 2024, including a framework agreement to deploy its Downhole Broadband Solutions in the North Sea, an order for 300 wind towers, and a follow-up order for its seventh wind turbine installation vessel design, with successful deployments of its iNOVaTHERM™ system in Angola, advanced completion tools in North America and the Middle East, and its TerraMAX™ coiled tubing BHA in the United States, demonstrating broad technological adoption and market penetration - Signed a framework agreement with a major Norwegian operator to deploy Downhole Broadband Solutions (DBS) wired drill pipe technology across all the operator's North Sea rigs[15](index=15&type=chunk) - Received an order for **300 wind towers** from a major turbine manufacturer and subsequently acquired the remaining minority interest in its Keystone Tower Systems operation[16](index=16&type=chunk) - Secured a follow-up order for its seventh proprietary NG-20000 wind turbine installation vessel (WTIV) design for a major European vessel owner[17](index=17&type=chunk) - Won a significant project for its iNOVaTHERM™ drill cuttings disposal system in Angola, marking its initial deployment for a major operator in the region[18](index=18&type=chunk) - Deployed a full complement of its latest BHA technologies to help a producer set a new drilling speed record for a 3-mile lateral well in the Bakken[20](index=20&type=chunk)[21](index=21&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) NOV's financial statements for Q2 2024 show significant year-over-year improvements in revenue, operating profit, and net income, a stable balance sheet with increased equity and reduced liabilities, and a strong positive shift in cash flow from operations [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended June 30, 2024, NOV reported total revenues of $2.216 billion, up from $2.093 billion in the prior-year period, with operating profit at $313 million, a significant increase from $181 million in Q2 2023, and net income attributable to the company rising to $226 million, or $0.57 per diluted share, compared to $155 million, or $0.39 per diluted share, in the same quarter last year Q2 2024 vs Q2 2023 Income Statement Highlights (in millions) | Account | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Total Revenue | $2,216 | $2,093 | | Gross Profit | $590 | $457 | | Operating Profit | $313 | $181 | | Net Income Attributable to Company | $226 | $155 | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, NOV's total assets were $11.297 billion, nearly unchanged from December 31, 2023, while total liabilities decreased to $4.865 billion from $5.052 billion, and total stockholders' equity increased to $6.432 billion from $6.242 billion over the same period, with cash and cash equivalents standing at $827 million Balance Sheet Summary (in millions) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $827 | $816 | | Total Current Assets | $5,844 | $5,840 | | Total Assets | $11,297 | $11,294 | | Total Liabilities | $4,865 | $5,052 | | Total Stockholders' Equity | $6,432 | $6,242 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2024, net cash provided by operating activities was $354 million, a significant improvement from the $274 million used in the same period of 2023, with net cash used in investing activities at $226 million, primarily due to business acquisitions, and financing activities using $113 million, reflecting debt repayments, dividends, and share repurchases, ending the period with cash and cash equivalents at $827 million Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $354 | $(274) | | Net cash provided by (used in) investing activities | $(226) | $(128) | | Net cash used in financing activities | $(113) | $(73) | | Cash and cash equivalents, end of period | $827 | $592 | [Non-GAAP Reconciliations](index=11&type=section&id=Non-GAAP%20Reconciliations) NOV provides reconciliations for key non-GAAP financial measures, detailing the calculation of free cash flow from operating activities and the adjustments made to reconcile GAAP net income to Adjusted EBITDA by segment [Reconciliation of Cash Flows from Operating Activities to Free Cash Flow](index=11&type=section&id=Reconciliation%20of%20Cash%20Flows%20from%20Operating%20Activities%20to%20Free%20Cash%20Flow) NOV generated $350 million in free cash flow for the second quarter of 2024, calculated by taking the $432 million in cash flow from operating activities and subtracting $82 million in capital expenditures, with free cash flow for the first six months of 2024 at $203 million Free Cash Flow Reconciliation (in millions) | Item | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cash flows from operating activities | $432 | $354 | | Capital expenditures | $(82) | $(151) | | **Free cash flow** | **$350** | **$203** | [Reconciliation of Adjusted EBITDA to Net Income](index=12&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20to%20Net%20Income) For Q2 2024, NOV's total Adjusted EBITDA was $281 million, reconciled from a GAAP net income of $226 million, with key adjustments including adding back depreciation and amortization ($86 million), provision for income taxes ($70 million), and net interest expense, while subtracting a net credit of $118 million from 'Other items', primarily related to a business divestiture Adjusted EBITDA by Segment - Q2 2024 (in millions) | Segment | Adjusted EBITDA | | :--- | :--- | | Energy Products and Services | $184 | | Energy Equipment | $142 | | Eliminations and corporate costs | $(45) | | **Total Adjusted EBITDA** | **$281** | - The reconciliation from GAAP Net Income (**$226M**) to Adjusted EBITDA (**$281M**) for Q2 2024 includes major adjustments for 'Other items, net' (**$(118)M**), Depreciation & Amortization (**$86M**), and Provision for income taxes (**$70M**)[44](index=44&type=chunk)

Nov Inc. (NOV) reported $2.22 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 5.9%. EPS of $0.57 for the same period compares to $0.39 a year ago.The reported revenue represents a surprise of +1.98% over the Zacks Consensus Estimate of $2.17 billion. With the consensus EPS estimate being $0.35, the EPS surprise was +62.86%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Core Viewpoint - NOV Inc. is expected to report second-quarter results on July 25, 2024, with earnings estimated at 35 cents per share and revenues of $2.17 billion [1] Group 1: Q1 Performance and Surprise History - In the last reported quarter, NOV achieved adjusted earnings per share of 30 cents, exceeding the Zacks Consensus Estimate of 27 cents, with revenues of $2.16 billion, reflecting a 2.6% increase from the consensus [2] - NOV has beaten the Zacks Consensus Estimate for earnings three times in the last four quarters, with an average earnings surprise of 13.92% [2] Group 2: Estimate Revision Trends - The Zacks Consensus Estimate for second-quarter fiscal 2024 earnings has remained unchanged in the past 30 days, indicating a 10.26% year-over-year decline, while the revenue estimate shows a 3.82% increase from the previous year [3] Group 3: Factors Influencing Performance - Revenues for the upcoming quarter are projected to rise to $2,167.3 million from $2,093 million in the last quarter, driven by strong performance in the Energy Products and Services and Energy Equipment segments [4] - However, the cost of goods sold is expected to reach $1,685.8 million, a 3% increase from the year-ago period, potentially impacting the bottom line due to ongoing inflationary pressures [4] Group 4: Earnings Prediction Model - The Zacks model does not predict an earnings beat for NOV, as the Earnings ESP is 0.00% and the company holds a Zacks Rank of 4 (Sell) [5]