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Leonid Ikan/iStock by way of Getty Photos
NOV (NYSE:NOV) completed Friday’s buying and selling -11.2% to submit its lowest shut in almost seven months regardless of simply beating This autumn earnings estimates, after saying it sees FY 2024 revenues rising by a below-consensus 4%-8%, citing anticipated oilfield spending declines in North America.
A forecast of 4%-8% income development would translate to $8.92B-$9.27B, decrease than consensus expectations for a ~8% enhance to $9.26B.
CEO Clay Williams additionally famous NOV (NOV) was encountering extra provide chain disruptions than friends, saying on the post-earnings convention name that it “confronted plenty of headwinds with respect to produce chain disruptions, extra so than I believe anyone else in oilfield providers, together with inflation.”
This autumn web revenue jumped to $598M, or $1.52/share, from $104M, or $0.27/share, within the year-earlier quarter, whereas revenues rose 7% Q/Q and 13% Y/Y to $2.34B.
This autumn revenues by phase: Wellbore Applied sciences up 8.1% Y/Y to $824M, Completion and Manufacturing up 8.8% to $803M, Rig Applied sciences up 24% to $766M.
This autumn adjusted EBITDA enhance 27% Y/Y to $294M however got here in beneath $300M analyst consensus estimate.
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