HOUSTON (AP) _ National Oilwell Varco (NOV) on Monday reported a loss of $2.05 billion in its first quarter.
On a per-share basis, the Houston-based company said it had a loss of $5.34. Earnings, adjusted for asset impairment costs and non-recurring costs, were 14 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The oil and gas industry supplier posted revenue of $1.88 billion in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $1.98 billion.
National Oilwell Varco shares have dropped 51% since the beginning of the year, while the Standard & Poor's 500 index has dropped 11%. In the final minutes of trading on Monday, shares hit $12.35, a decrease of 53% in the last 12 months.