Fri, Oct 25, 5:08 PM (69 days ago)
For the third quarter ended September 30, 2024, NOV Inc. (NOV) reported revenues of $2,191 million, a slight increase from $2,185 million in the same period last year. Net income rose 14% to $130 million, representing a profit margin of 5.9%. Operating profit improved to $194 million, up from $183 million, with Adjusted EBITDA increasing to $286 million, or 13.1% of sales. Segment performance showed a decline in the Energy Products and Services segment, with revenues of $1,003 million (down 3%) and operating profit of $114 million. Conversely, the Energy Equipment segment achieved revenues of $1,219 million (up 2%) and operating profit of $129 million. The backlog for capital equipment orders grew to $4,478 million, reflecting positive demand trends. Cash flow from operations was robust at $713 million, contrasting with a negative $234 million in the prior year. The company maintained liquidity with $985 million in cash and no outstanding borrowings under its new $1.5 billion revolving credit facility. Challenges remain due to geopolitical uncertainties and fluctuating oil prices, though management anticipates continued operational efficiencies and innovation in energy transition technologies.