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National Oilwell Varco earns $24M in Q2 with strong cross-sector performances

Oilfield services firm National Oilwell Varco Inc. reported on a GAAP basis, second-quarter net income of $24 million, or 6 cents per share, after a first-quarter loss of $68 million, or 18 cents per share.

Revenue of $2.11 billion for the quarter was 17% higher compared to the previous quarter and 20% above the same quarter in 2017, the company said in a July 26 earnings release.

Across the sectors, Wellbore Technologies revenue of $793 million was up 12% quarter on quarter and 29% on the year. Completion & Production Solutions revenue climbed 10% quarter on quarter and 13% year on year to $738 million, and Rig Technologies generated revenue of $651 million, up 35% on the quarter and 19% from the same period in 2017.

The company reported operating profit for the second quarter was $52 million, or 2.5% of sales, and adjusted earnings were $226 million, or 10.7% of sales, compared to an operating loss of $1 million, or 1% of sales, for the first quarter and adjusted operating income for the quarter of $160 million, or 8.9% of sales.