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National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported first-quarter sales of $1.8 billion, up 3 percent compared to the first quarter of 2017. The company reported a loss of $68 million for the quarter.
Company leaders cited a slower than expected start to its capital equipment business early in the year as well softness in its Eastern Hemisphere business, which offset improvements in North America.
Compared to the prior-year period, sales in the company’s Rig Technologies segment fell 17 percent to $483 million, sales in its Wellbore Technologies segment grew 28 percent, and sales in its Completion & Production Solutions segment grew 3 percent to $670 million.