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National Oilwell Varco Posts Narrower Loss, Lower Revenue in Q4

· 02/04/2021 23:46

04:39 AM EST, 02/05/2021 (MT Newswires) -- National Oilwell Varco (NOV) reported on Thursday a Q4 net loss of $0.90 per share, narrower than the loss of $1.01 per share a year ago.

The consensus estimate from analysts polled by Capital IQ was for a net loss of $0.32 per share.

The Houston-based oilfield equipment company generated revenue of $1.33 billion, down from $2.28 billion last year. The result was in line with analysts' expectations.

National Oilwell Varco also said that it recognized $236 million in restructuring charges, primarily due to inventory reserves, severance costs and facility closures, in the most recent quarter.

As of Dec. 31, 2020, the company said it had total debt of $1.83 billion, with $2.00 billion available on its revolving credit facility, and $1.69 billion in cash and cash equivalents.

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