HOUSTON (AP) _ National Oilwell Varco (NOV) on Thursday reported a fourth-quarter loss of $385 million, after reporting a profit in the same period a year earlier.
The Houston-based company said it had a loss of $1.01 per share. Earnings, adjusted for asset impairment costs, were 13 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 16 cents per share.
The oil and gas industry supplier posted revenue of $2.28 billion in the period, which topped Street forecasts. Seven analysts surveyed by Zacks expected $2.1 billion.
For the year, the company reported that its loss widened to $6.1 billion, or $15.96 per share. Revenue was reported as $8.48 billion.
National Oilwell Varco shares have fallen 13% since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 4%. In the final minutes of trading on Thursday, shares hit $21.89, a drop of 28% in the last 12 months.