HOUSTON (AP) _ National Oilwell Varco (NOV) on Monday reported a third-quarter loss of $244 million, after reporting a profit in the same period a year earlier.
The Houston-based company said it had a loss of 64 cents per share. Losses, adjusted for asset impairment costs, were 61 cents per share.
The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The oil and gas industry supplier posted revenue of $2.13 billion in the period, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $2.17 billion.
National Oilwell Varco shares have dropped 18% since the beginning of the year, while the Standard & Poor's 500 index has increased 21%. In the final minutes of trading on Monday, shares hit $20.96, a decrease of 42% in the last 12 months.