SPY391.77+4.27 1.10%
DIA319.53+4.14 1.31%
IXIC13,597.97+132.77 0.99%

Press Release: NOV Reports Fourth Quarter and -3-

· 02/04/2021 18:00
CONTACT: Blake McCarthyThree Months Ended Years Ended ----------------------------- December 31, September 30, December 31, -------------- -------------------- 2020 2019 2020 2020 2019 ------ ------ ------------- -------- ---------- Operating profit (loss): Wellbore Technologies $ (78) $(317) $ (50) $ (858) $(3,551) Completion & Production Solutions (31) 57 25 (977) (1,934) Rig Technologies (132) (23) (3) (362) (524) Eliminations and corporate costs (60) (66) (46) (228) (270) ---- ---- ---- ------ ------ Total operating profit (loss) $(301) $(349) $ (74) $(2,425) $(6,279) ==== ==== ==== ====== ====== Other Items: Wellbore Technologies $ 46 $ 410 $ 26 $ 849 $ 3,794 Completion & Production Solutions 43 13 23 1,132 2,042 Rig Technologies 132 114 12 402 784 Corporate 15 -- 1 40 11 ---- ---- ---- --- ------ ------ Total Other Items $ 236 $ 537 $ 62 $ 2,423 $ 6,631 ==== ==== ==== === ====== ====== Depreciation & amortization: Wellbore Technologies $ 44 $ 50 $ 45 $ 187 $ 284 Completion & Production Solutions 16 26 15 75 150 Rig Technologies 19 21 19 77 87 Corporate 3 3 4 13 12 ---- ---- ---- --- ------ ------ Total depreciation & amortization $ 82 $ 100 $ 83 $ 352 $ 533 ==== ==== ==== === ====== ====== Adjusted EBITDA: Wellbore Technologies $ 12 $ 143 $ 21 $ 178 $ 527 Completion & Production Solutions 28 96 63 230 258 Rig Technologies 19 112 28 117 347 Eliminations and corporate costs (42) (63) (41) (175) (247) ---- ---- ---- ------ ------ Total Adjusted EBITDA $ 17 $ 288 $ 71 $ 350 $ 885 ==== ==== ==== === ====== ====== Reconciliation of Adjusted EBITDA: GAAP net income (loss) attributable to Company $(347) $(385) $ (55) $(2,542) $(6,095) Noncontrolling interests (1) -- 2 5 2 Provision (benefit) for income taxes 22 (46) (61) (242) (369) Interest expense 19 25 21 84 100 Interest income (2) (4) -- (7) (20) Equity loss in unconsolidated affiliate 10 7 11 260 13 Other (income) expense, net (2) 54 8 17 90 Depreciation and amortization 82 100 83 352 533 Other Items 236 537 62 2,423 6,631 ---- ---- ---- --- ------ ------ Total Adjusted EBITDA $ 17 $ 288 $ 71 $ 350 $ 885 ==== ==== ==== === ====== ======

The Company discloses Adjusted EBITDA (defined as Operating Profit excluding Depreciation, Amortization and, when applicable, Other Items) in its periodic earnings press releases and other public disclosures to provide investors additional information about the results of ongoing operations. The Company uses Adjusted EBITDA internally to evaluate and manage the business. Adjusted EBITDA is not intended to replace GAAP financial measures, such as Net Income. Other Items include impairment charges, inventory charges and severance and other restructuring costs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006147/en/

Vice President, Corporate Development and Investor Relations

(713) 815-3535

Blake.McCarthy@nov.com

(END) Dow Jones Newswires

February 04, 2021 18:00 ET (23:00 GMT)