National Oilwell Varco, Inc. (NOV - Free Report) reported an adjusted loss of 4 cents per share in second-quarter 2019, narrower than the Zacks Consensus Estimate of 7 cents loss. The adjusted figures exclude a goodwill write-down of $5.4 billion. Strong contribution from the Rig Technologies and the Wellbore Technologies segments led to this outperformance.
However, the bottom line fell from the comparable 2018 period profit of 6 cents as North American drillers scale back their production growth plans, leaving less work for the likes of National Oilwell Varco.
Recovery in the international business and cost reductions meant that adjusted EBITDA from the energy equipment maker’s Wellbore Technologies unit totaled $134 million, above the Zacks Consensus Estimate of $129 million.
National Oilwell Varco’s Rig Technologies segment’s adjusted EBITDA of $74 million also came above the Zacks Consensus Estimate of $68 million due to higher contribution from offshore projects and strong aftermarket sales.
Further, adjusted EBITDA from the Completion & Production Solutions segment came in at $52 million, in line with the Zacks Consensus Estimate. The unit benefited from higher offshore and international demand for equipment associated with completion and production.
Total revenues of $2.1 billion beat the Zacks Consensus Estimate by 2.4% and rose 1.2% from the year-ago period.