National Oilwell Varco Sales Down 50% in 3Q - Modern Distribution Management

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National Oilwell Varco Sales Down 50% in 3Q

The company reported a loss of $1.4 billion for the quarter.

National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for the third quarter of $1.7 billion, a decrease of 50 percent compared to the same period a year ago. The company reported a loss of $1.4 billion, compared to a profit of $155 million the prior year.

Third quarter sales for the rig systems segment were $470 million, a decrease of 69 percent year-over-year. Sales for the rig aftermarket segment decreased 44 percent to $322 million.

Year-to-date sales were $5.6 billion, down 53.8 percent over the prior-year period. The company reported a loss of $1.7 billion, compared to a profit of $754 million the prior year.

“We are encouraged by the early signs of a recovery in the North American marketplace," said Clay Williams, president and CEO. "Our short cycle businesses within our Wellbore Technologies Segment account for over 80 percent of total segment revenue. Within North America these posted sequential revenue growth of approximately 15 percent. Even though international, offshore and capital equipment markets remain challenging, we believe declining global production and improving commodity prices are setting the stage for a broader recovery in 2017."

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