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National Oilwell Varco reports 1Q loss

HOUSTON (AP) _ National Oilwell Varco (NOV) on Wednesday reported a loss of $122 million in its first quarter.

The Houston-based company said it had a loss of 32 cents per share. Losses, adjusted for restructuring costs, came to 17 cents per share.

The results beat Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for a loss of 20 cents per share.

The oil and gas industry supplier posted revenue of $1.74 billion in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $1.64 billion.

National Oilwell Varco shares have dropped slightly more than 3 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 7 percent. In the final minutes of trading on Wednesday, shares hit $36.15, an increase of 23 percent in the last 12 months.


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


Keywords: National Oilwell Varco, Earnings Report