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National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported third-quarter sales of $2.15 billion, up two percent compared to the same period a year ago. The company reported net income of $4 million.
The company pointed to higher demand for downhole tools, drill pipe, and wellsite services for global drilling operations, but said gains were offset by a slowdown in North American completions activity late in the quarter as well as weaker demand for offshore equipment. Company leaders cited a positive outlook for 2019.
“We believe the industry is poised to achieve higher levels of activity in 2019 as it works through near-term logistical challenges in North American unconventional basins, navigates end-of-year budget constraints, and sanctions more offshore projects,” Clay Williams, company chairman, president and CEO said in a statement announncing the quarter’s results.