National Oilwell Varco Sees 1Q Revenue $1.94 Billion, Below Prior Expectations
12 Abril 2019 - 8:21AM
Noticias Dow Jones
By Michael Dabaie
National Oilwell Varco Inc. (NOV) said it expects to report
first quarter revenue of $1.94 billion, which is below prior
expectations.
"The severity of the decline in demand for oilfield equipment
resulting from the sharp fall in oil prices during late 2018,
further compounded by capital austerity that has taken hold in
upstream oil and gas markets, was greater than we expected," said
Chief Executive Clay Williams.
Market weakness was particularly acute among oilfield service
company customers, resulting in a disproportionate impact to the
company's Completion & Production Solutions segment, National
Oilwell Varco said. But, all three operating segments will report
results below prior expectations, the company said.
The company said on a consolidated basis it expects to report a
GAAP operating loss of approximately $48 million and adjusted
earnings before interest, taxes, depreciation and amortization of
approximately $140 million.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
April 12, 2019 09:06 ET (13:06 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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