National Oilwell Varco Q1 Net Loss Widens

(RTTNews) - National Oilwell Varco Inc. (NOV) reported that its net loss attributable to company for the first quarter of 2020 winded to $2.05 billion or $5.34 per share, from $77 million or $0.20 per share in the prior year.

In the latest-quarter, the company recorded a charge of $2.12 billion to write down goodwill, intangible assets, fixed assets and an investment in an unconsolidated affiliate. The company also recognized $132 million in inventory, severance and facility closure charges during the first quarter.

Quarterly revenues were $1.88 billion, down from $1.94 billion last year.