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National Oilwell Varco’s 1Q18 Results Disappoint

Alex Chamberlin
National Oilwell Varco’s 1Q18 Results Disappoint

National Oilwell Varco (NOV) released its 1Q18 financial results on April 26, after the market closed. The company’s total revenue rose 3.1% to ~$1.8 billion in 1Q18 from ~$1.7 billion in 1Q17. However, its revenue fell significantly from 4Q17, by 8.8%. Despite an improvement in North America, a slowdown in the capital equipment business due to upstream energy companies’ capex constraints and reduced Eastern Hemisphere business dragged down revenue QoQ (quarter-over-quarter).