National Oilwell Varco Inc. (NYSE: NOV) reported second-quarter adjusted earnings per share (EPS) of $1.46 and $4.7 billion in revenue this morning. Adjusted EPS rose 26% from $1.14 in the same period a year ago, and revenue was also up nicely from $3.5 billion a year ago. The results compare to the Thomson Reuters consensus estimates for EPS of $1.41 and $4.44 billion in revenue.
The oil field services company did not offer any guidance in today’s press release. The company did say that its order backlog in the rig technology segment totals $11.28 billion, up 9% year-over-year and 46% sequentially. The consensus estimate for third-quarter EPS is $1.51 and the full-year estimated EPS is $5.93.
The company’s chairman and CEO noted:
Most markets we serve have remained buoyant, despite lower commodity prices, and we therefore expect solid results for the second half of the year.
Other oil field services firms like Baker Hughes Inc. (NYSE: BHI), Schlumberger Ltd. (NYSE: SLB), and Halliburton Co. (NYSE: HAL) have already posted strong second-quarter earnings. National Oilwell Varco’s EPS estimate had been cut by $0.03 in the 90-day period leading up to today’s report, so the fact that it beat even the higher figure is a good sign for the company going into the second half of the year.
Shares are up 2.6% in premarket trading at $69.05 in a 52-week range of $47.97 to $87.72. Thomson Reuters had a consensus analyst price target of $93.18 before today’s results were announced.
Paul Ausick
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
