National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported fourth-quarter sales of $2.4 billion, an 11 percent increase compared with the fourth quarter of 2017. Net income was $12 million, compared with a loss of $14 million in the year-ago period.
For the full year, National Oilwell Varco reported sales of $8.5 billion and reported a net loss of $31 million.
Company leaders said the firm performed well in a “volatile operating environment” last year and cited a slowdown in the fourth-quarter that may lead to lower sequential revenues in the first quarter of 2019.
“However, encouraged by the recent uptick in oil prices, some of our customers have recently signaled their intent to increase activity, particularly in certain international and offshore markets,” company Chairman, President and CEO Clay Williams said in a statement announcing the results. “While the near-term outlook remains uncertain, NOV’s portfolio of critical technologies to support the oil and gas industry, together with our track record of adapting quickly to changing market conditions, positions us well for any market environment.”