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.
