NOV Inc. reports Q3 EPS 33c, consensus 36c

Reports Q3 revenue $2.19B, consensus $2.23B. “During Q3 2024, NOV continued to improve cash flow, backlog, profitability and margins compared to the prior year,” stated CEO Clay Williams. “Revenues improved modestly compared to Q3 2023, with strong execution on our growing backlog, increasing demand for aftermarket parts and services, and greater business efficiency driving margins higher. Additionally, demand for our capital equipment continued to grow in support of long-cycle offshore and international projects with NOV achieving a book-to-bill of 111% during the quarter, and 123% year-to-date. Solid results and steadily improving working capital efficiency enabled the company to generate free cash flow of $277M during Q3. NOV returned a total of $109M to shareholders through a combination of share repurchases totaling $80M and dividends totaling $29M. As we look to year-end and into 2025, we see operators taking an incrementally more cautious approach to their activities in view of greater oil price uncertainty. Despite some emerging near-term headwinds, most international and offshore gas projects continue to press ahead resolutely, and we are confident that NOV’s technologies will continue to underpin these critical energy projects around the globe…”