Group 1: Company Achievements - NOV Inc.'s telescopic leg crane has won the OSJ Innovation of the Year Award 2024 for its significant impact on offshore support vessel design and operations [1] - The crane also received the Maritime Innovation Award at the Maritime Awards Gala on November 6, 2023, further establishing its importance in the Dutch maritime industry [1] - The dual recognition highlights NOV's commitment to innovation and sustainable solutions in the offshore industry [1] Group 2: Product Features - The telescopic leg crane, developed by GustoMSC, is designed for heavy lifting, capable of lifting turbines over 180 meters (590 feet) tall and weighing more than 1,000 tons [2] - The crane can retract its boom length by nearly 50%, allowing for safe transport in heavy seas and seamless integration on vessels [2] - It promotes a 20% reduction in carbon dioxide emissions as it operates fully electric and regenerates energy during load lowering [2] Group 3: Industry Context - A range of telescopic leg cranes developed by NOV is setting a new industry standard in the offshore segment, with larger models suited for wind turbine and foundation installation, while smaller models are intended for maintenance [2]

HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today announced that its Board of Directors declared the regular quarterly cash dividend of $0.05 per share of common stock, payable on March 28, 2024 to each stockholder of record on March 14, 2024. About NOV NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE YEAR ENDED DECEMBER 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12317 NOV INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 76-0475815 (IRS Employer Identific ...

Financial Data and Key Metrics Changes - For Q4 2023, NOV reported revenues of $2.34 billion and net income of $598 million, translating to $1.51 per fully diluted share [4][21] - Full year revenues for 2023 totaled $8.58 billion, a 19% increase from 2022, with net income reaching $993 million [4][21] - Q4 EBITDA increased to $294 million, representing 12.5% of revenue, up 30 basis points sequentially and 140 basis points year-over-year [6][21] Business Line Data and Key Metrics Changes - Wellbore Technologies segment generated $824 million in revenue for Q4, an increase of 3% sequentially and 8% year-over-year [25] - Completion & Production Solutions segment reported $803 million in revenue for Q4, a 6% sequential increase and 9% improvement compared to Q4 2022 [31] - Rig Technologies segment achieved revenues of $766 million in Q4, a 12% increase sequentially and 24% year-over-year [38] Market Data and Key Metrics Changes - North America land revenues declined 5% sequentially, significantly impacting Wellbore Technology Services [6] - Offshore revenue grew 7% sequentially, driven by increased demand for managed pressure drilling and equipment sales [7] - International land revenues increased by over 20% sequentially, particularly in the Middle East [7] Company Strategy and Development Direction - The company is focused on improving profitability and return profiles through cost reduction plans and pricing improvements [12] - NOV is strategically repositioning its product portfolio to support future energy investments, with a focus on advanced technologies and digital solutions [12][19] - Plans to divest one or two businesses in 2024 to redeploy capital into higher-performing opportunities [19][24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about offshore and international markets, expecting continued growth despite a subdued outlook for North America [11][19] - The normalization of supply chains and easing inflation are anticipated to improve margins in 2024 [48] - The company expects consolidated revenues to grow 4% to 8% year-over-year in 2024, with international markets driving growth [44] Other Important Information - Free cash flow improved significantly to $301 million in Q4, signaling relief from earlier supply chain challenges [7] - The effective tax rate for 2024 is estimated to be approximately 26% due to the release of valuation allowances [22] - The company plans to increase capital expenditures in 2024 to approximately $330 million to support organic growth opportunities [24] Q&A Session Summary Question: Thoughts on margin trends for 2024 - Management acknowledged challenges in improving margins due to supply chain disruptions and inflation but expects normalization to aid margin improvement in 2024 [46][48] Question: Impact of divestitures and acquisitions on capital return - Management indicated that stronger cash flow outlook in 2024 will provide options for returning capital to shareholders while pursuing strategic acquisitions [50][51] Question: Expectations for North America and margin outlook - Management expressed a more cautious outlook for North America, anticipating a slight decline in E&P CapEx, which may affect margin expectations [54][55] Question: Update on AI and edge products - Management highlighted the growing traction of AI and edge computing products, with significant interest and adoption across various business units [56][57]

For the quarter ended December 2023, Nov Inc. (NOV) reported revenue of $2.34 billion, up 13% over the same period last year. EPS came in at $0.54, compared to $0.26 in the year-ago quarter.The reported revenue represents a surprise of +3.51% over the Zacks Consensus Estimate of $2.26 billion. With the consensus EPS estimate being $0.41, the EPS surprise was +31.71%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expecta ...

Core Insights - NOV Inc. reported fourth quarter 2023 revenues of $2.34 billion, a 7% increase from Q3 2023 and a 13% increase from Q4 2022, with net income of $598 million [1][2] - The company achieved full year 2023 revenues of $8.58 billion, up $1.34 billion from 2022, and net income of $993 million, significantly higher than $155 million in the previous year [2][3] - The CEO highlighted a 19% sales growth for the year compared to 2022, with improved profitability across all operating segments and the highest adjusted EBITDA and margin since 2015 [3][4] Financial Performance - Fourth quarter operating profit was $161 million, representing 6.9% of sales, while adjusted EBITDA increased 10% sequentially to $294 million, or 12.5% of sales [1][2] - For the full year 2023, operating profit rose 147% to $651 million, or 7.6% of sales, and adjusted EBITDA increased 47% to $1.0 billion, or 11.7% of sales [2][3] Segment Performance - Wellbore Technologies generated revenues of $824 million in Q4 2023, up 3% from Q3 2023 and 8% from Q4 2022, with an operating profit of $76 million [5] - Completion & Production Solutions reported revenues of $803 million in Q4 2023, a 6% increase from Q3 2023 and a 9% increase from Q4 2022, with an operating profit of $44 million [6] - Rig Technologies achieved revenues of $766 million in Q4 2023, a 12% increase from Q3 2023 and a 24% increase from Q4 2022, with an operating profit of $111 million [8][9] Order Backlog and Market Outlook - New orders booked in Q4 2023 increased by 28% to $676 million, resulting in a book-to-bill ratio of 132% [7] - The backlog for capital equipment orders in Completion & Production Solutions was $1.82 billion, up $196 million from Q3 2023 [7] - The backlog for Rig Technologies was $2.87 billion, a decrease of $100 million from Q3 2023 but an increase of $75 million from Q4 2022 [9] Strategic Developments - NOV secured a contract for a CO2 dehydration package for a major Carbon Capture and Storage project, aiming to capture 800,000 tons of CO2 annually [11] - The company also won a contract for a large interconnector cable-lay system and subsea crane, reflecting its leadership in energy transition infrastructure projects [12] - Subsequent to the quarter, NOV completed the acquisition of Extract, enhancing its capabilities in artificial lift technologies [12] Cash Flow and Financial Position - The company reported a net cash provided by operating activities of $377 million in Q4 2023, with free cash flow of $301 million [33][34] - As of December 31, 2023, NOV had total debt of $1.73 billion and $816 million in cash and cash equivalents [10]

Group 1 - Nov Inc. (NOV) is expected to report a year-over-year increase in earnings, with a projected EPS of $0.41, reflecting a change of +57.7% [2] - Revenues for Nov Inc. are anticipated to be $2.26 billion, which is a 9.1% increase from the previous year [2] - The consensus EPS estimate has been revised 2.52% lower in the last 30 days, indicating a bearish sentiment among analysts [2][5] Group 2 - The Most Accurate Estimate for Nov Inc. is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -4.69%, suggesting a challenging outlook for beating earnings expectations [5][6] - Nov Inc. holds a Zacks Rank of 3, which indicates a neutral position in terms of investment recommendation [5] - Historical performance shows that Nov Inc. has beaten consensus EPS estimates three out of the last four quarters, although it missed the last quarter's estimate by -17.14% [7] Group 3 - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a strong Zacks Rank [4] - Stocks with a combination of positive Earnings ESP and a strong Zacks Rank have a nearly 70% success rate in delivering positive surprises [4] - The predictive power of Earnings ESP is significant primarily for positive readings, making it a useful tool for investors [3]

Core Insights - NOV Inc. has appointed Patricia B. "Patti" Melcher to its Board of Directors, effective January 17, 2024, enhancing the board's expertise in capital allocation and governance [1] - With this appointment, NOV's board now consists of nine directors, eight of whom are independent members, reflecting a strong governance structure [2] Company Background - NOV delivers technology-driven solutions to empower the global energy industry, with over 150 years of experience in pioneering innovations that enhance oilfield operations while minimizing environmental impact [3] - The company plays a crucial role in advancing the energy transition towards a more sustainable future, leveraging its deep expertise and technology [3]

NOV Inc. (NYSE:NOV) Q3 2023 Earnings Conference Call October 27, 2023 11:00 AM ET Company Participants Blake McCarthy - Vice President-Corporate Development & Investor Relations Clay Williams - Chairman, President & Chief Executive Officer Jose Bayardo - Senior Vice President & Chief Financial Officer Conference Call Participants James Rollyson - Raymond James Arun Jayaram - JPMorgan Securities Stephen Gengaro - Stifel Marc Bianchi - TD Cowen Kurt Hallead - Benchmark Ati Modak - Goldman Sachs Operator Good ...

Financial Performance - For Q3 2023, NOV generated revenues of $2.19 billion, a 4% increase from Q2 2023 and a 16% increase from Q3 2022[92]. - Net income for Q3 2023 was $114 million, representing 5.2% of sales, with Adjusted EBITDA at $267 million, or 12.2% of sales[92]. - Total revenue for the three months ended September 30, 2023, was $2,185 million, an increase of $296 million or 16 percent compared to $1,889 million for the same period in 2022[1]. - Total operating profit for the three months ended September 30, 2023, was $183 million, compared to $55 million for the same period in 2022, representing an increase of $128 million[1]. - Adjusted EBITDA for Q3 2023 reached $267 million, up from $195 million in Q3 2022, indicating a year-over-year increase of 37%[128]. Segment Performance - Wellbore Technologies segment revenues were $799 million, a 1% decrease from Q2 2023 but an 8% increase from Q3 2022, with an operating profit of $123 million[94]. - Completion & Production Solutions generated revenues of $760 million, a 1% increase from Q2 2023 and a 12% increase from Q3 2022, with an operating profit of $47 million[96]. - Rig Technologies revenues reached $686 million, a 13% increase from Q2 2023 and a 34% increase from Q3 2022, with an operating profit of $86 million[98]. - Wellbore Technologies revenue increased to $799 million for the three months ended September 30, 2023, up 8 percent from $741 million in the same period last year[114]. - Completion & Production Solutions revenue rose to $760 million for the three months ended September 30, 2023, reflecting a 12 percent increase from $681 million in the prior year[115]. - Rig Technologies revenue surged to $686 million for the three months ended September 30, 2023, marking a 34 percent increase from $511 million in the same period of 2022[119]. - Wellbore Technologies operating profit was $123 million for the three months ended September 30, 2023, up from $74 million in the same period last year[114]. - Completion & Production Solutions operating profit increased to $47 million for the three months ended September 30, 2023, compared to $21 million in the same period of 2022[116]. - Rig Technologies operating profit rose to $86 million for the three months ended September 30, 2023, compared to $22 million in the same period last year[119]. Orders and Backlog - New orders for Completion & Production Solutions increased by 18% to $530 million, resulting in a book-to-bill ratio of 114%[97]. - Rig Technologies recorded new capital equipment orders of $178 million, with a book-to-bill ratio of 72%[99]. - As of September 30, 2023, the backlog for Completion & Production Solutions was $1,626 million, and for Rig Technologies, it was $2,968 million[97][99]. - The capital equipment backlog for Completion & Production Solutions was $1,626 million at September 30, 2023, an increase of $148 million from $1,478 million at the same time last year[117]. - The capital equipment backlog for Rig Technologies was $2,968 million at September 30, 2023, up $187 million from $2,781 million at the same time in 2022[120]. Financial Position and Cash Flow - Cash and cash equivalents as of September 30, 2023, were $513 million, down from $1,069 million at the end of 2022, reflecting a decrease of 52%[129]. - Total debt as of September 30, 2023, was $1,729 million, slightly down from $1,730 million at the end of 2022[129]. - The company had a debt-to-capitalization ratio of 26.1% as of September 30, 2023, well below the maximum covenant limit of 60%[130]. - Capital expenditures for the first nine months of 2023 totaled $207 million, with cash flows used in operating activities amounting to $234 million[133]. - The company plans to fund future acquisitions primarily through cash flow from operations and borrowings, including the unborrowed portion of the revolving credit facility[135]. - The company has a revolving credit facility with a borrowing capacity of $2.0 billion, with $2.0 billion of available funds as of September 30, 2023[130]. Foreign Exchange and Risk Management - The company experienced a decrease of $5 million in cash flows due to changes in exchange rates for the first nine months of 2023[134]. - The company recorded a foreign exchange loss of $58 million in the first nine months of 2023, compared to a foreign exchange gain of $14 million in the same period of the prior year[140]. - As of September 30, 2023, the company had transactional exposures totaling $389 million and translation exposures totaling $345 million in foreign currencies[142]. - A hypothetical 10 percent movement in foreign currency exchange rates could affect net income by $31 million and Other Comprehensive Income by $34 million[142]. - The company aims to maintain a portion of its debt in variable rate borrowings for flexibility and lower overall costs compared to fixed-rate borrowings[143]. Strategic Initiatives - The company plans to consolidate its operational structure into two segments effective January 1, 2024, to enhance cost efficiencies[93]. - Management anticipates continued growth in energy transition projects, including wind energy and carbon sequestration, as part of its long-term strategy[105].