NOV Inc. (NYSE:NOV) Q4 2023 Earnings Conference Call February 2, 2024 11:00 AM ET Company Participants Amie D'Ambrosio - Director, IR Clay Williams - Chairman, President and CEO Jose Bayardo - SVP and CFO Conference Call Participants Arun Jayaram - JPMorgan Securities Jim Rollyson - Raymond James Ati Modak - Goldman Sachs Doug Becker - Capital One Kurt Hallead - Benchmark Stephen Gengaro - Stifel Operator Good day, ladies and gentlemen, and welcome to the NOV Fourth Quarter and Full Year 2023 Earnings Confe ...

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 ...

HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today reported fourth quarter 2023 revenues of $2.34 billion, an increase of seven percent compared to the third quarter of 2023 and an increase of 13 percent compared to the fourth quarter of 2022. Net income for the fourth quarter of 2023 was $598 million, which included the release of valuation allowances on deferred tax assets of $485 million. Operating profit was $161 million, or 6.9 percent of sales, for the fourth quarter. Under Other Items the Company r ...

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].

NOV Inc. (NYSE:NOV) Q2 2023 Earnings Conference Call July 27, 2023 11:00 AM ET Company Participants Blake McCarthy – Vice President-Corporate Development and Investor Relations Clay Williams – President, Chairman, and Chief Executive Officer Jose Bayardo – Senior Vice President and Chief Financial Officer Conference Call Participants Marc Bianchi – TD Cowen Luke Lemoine – Piper Sandler Jim Lyson – Raymond James Stephen Gengaro – Stifel Scott Gruber – Citigroup Blake McCarthy Welcome, everyone, to NOV's Seco ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 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 Employe ...

NOV Inc. (NYSE:NOV) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET Company Participants Blake McCarthy - Vice President, Corporate Development and IR Clay Williams - Chairman, President and CEO Jose Bayardo - Senior Vice President and CFO Conference Call Participants Jim Rollyson - Raymond James Luke Lemoine - Piper Sandler Neil Mehta - Goldman Sachs Stephen Gengaro - Stifel Kurt Hallead - Benchmark Marc Bianchi - TD Cowen Arun Jayaram - JPMorgan Tom Curran - Seaport Operator Good day, ladies a ...