HOUSTON (AP) _ National Oilwell Varco (NOV) on Monday reported a loss of $93 million in its second quarter.
The Houston-based company said it had a loss of 24 cents per share. Losses, adjusted for non-recurring costs, came to 7 cents per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.
The oil and gas industry supplier posted revenue of $1.5 billion in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $1.54 billion.
National Oilwell Varco shares have declined 48% since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Monday, shares hit $12.99, a decline of 39% in the last 12 months.