National Oilwell Varco Sees Q1 Revenues, Below Prior Expectations

(RTTNews) - National Oilwell Varco Inc. (NOV) said that it expects to report first quarter 2018 revenues of $1.80 billion, which is below prior expectations. Analysts polled by Thomson Reuters expect the company to report revenues of $1.95 billion for the first-quarter. Analysts' estimates typically exclude special items.

The revenue shortfall is primarily due to reduced progress on new offshore rig construction and customer-delayed deliveries of drilling, well servicing, and stimulation equipment, causing revenue to slip into later periods, and; lower sequential shipments of subsea production equipment at quarter-end.

"Unfortunately, all three segments will report sequentially lower revenues and, on a consolidated basis, we expect to report a GAAP operating loss of approximately $1 million and Adjusted EBITDA of approximately $160 million," said Clay Williams, Chairman, President, and CEO.