The 2020 Mid-Year Economic Update_long

National Oilwell Varco Sales Down 25.6% in 2Q

Profit for the quarter decreased 53.3 percent year-over-year.

National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for the second quarter of $3.9 billion, a decrease of 25.6 percent compared to the same period a year ago. Profit decreased 53.3 percent to $289 million.

Second quarter sales for the rig systems segment were $1.9 billion, a decrease of 19 percent year-over-year. Sales for the rig aftermarket segment decreased 34 percent to $657 million.

Year-to-date sales were $8.7 billion, down 14 percent over the prior-year period. Profit decreased 50.4 percent to $599 million.

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