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National Oilwell Varco: 3Q Earnings Snapshot

·1 min read

HOUSTON (AP) _ National Oilwell Varco (NOV) on Monday reported a loss of $55 million in its third quarter.

On a per-share basis, the Houston-based company said it had a loss of 14 cents. Losses, adjusted for restructuring costs, were 1 cent per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.

The oil and gas industry supplier posted revenue of $1.38 billion in the period, which matched Street forecasts.

National Oilwell Varco shares have decreased 64% since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 5%. In the final minutes of trading on Monday, shares hit $8.93, a decline of 57% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NOV at https://www.zacks.com/ap/NOV