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National Oilwell Varco Q4 loss widens 1,693.8% YOY

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National Oilwell Varco Q4 loss widens 1,693.8% YOY

National Oilwell Varco Inc. said its normalized net income for the fourth quarter was a loss of $1.24 per share, compared with the S&P Capital IQ consensus estimate of a loss of 29 cents per share.

The per-share loss grew 1,689.1% year over year from 7 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $466.4 million, compared with a loss of $26.0 million in the prior-year period.

The normalized profit margin dropped to negative 27.6% from negative 1.0% in the year-earlier period.

Total revenue decreased 37.8% year over year to $1.69 billion from $2.72 billion, and total operating expenses fell 9.6% year over year to $2.46 billion from $2.72 billion.

Reported net income came to a loss of $711.4 million, or a loss of $1.90 per share, compared with a loss of $1.52 billion, or a loss of $4.07 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of $2.64 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 99 cents.

EPS was $1.77 in the prior year.

Normalized net income was a loss of $994.1 million, compared with income of $685.5 million in the prior year.

Full-year total revenue decreased on an annual basis to $7.25 billion from $14.76 billion, and total operating expenses declined year over year to $8.69 billion from $13.46 billion.

The company said reported net income totaled a loss of $2.41 billion, or a loss of $6.41 per share, in the full year, compared with a loss of $770.1 million, or a loss of $1.99 per share, the prior year.