NOV Inc. (NYSE:NOV) posted weak results for the third quarter, after the closing bell on Thursday.
NOV reported quarterly sales of $2.19 billion which missed the analyst consensus estimate of $2.23 billion. The company reported quarterly earnings of 33 cents per share which missed the analyst consensus estimate of 36 cents per share.
"During the third quarter of 2024, NOV continued to improve cash flow, backlog, profitability and margins compared to the prior year," stated Clay Williams, Chairman, President, and CEO. "Revenues improved modestly compared to the third quarter of 2023, with strong execution on our growing backlog, increasing demand for aftermarket parts and services, and greater business efficiency driving margins higher. Additionally, demand for our capital equipment continued to grow in support of long-cycle offshore and international projects with NOV achieving a book-to-bill of 111% during the quarter, and 123% year-to-date."
NOV said it expects fourth-quarter consolidated revenues to be down 3% – 5% year-over-year with adjusted EBITDA of $280 million to $300 million.
NOV shares gained 0.4% to trade at $15.78 on Monday.
These analysts made changes to their price targets on NOV following earnings announcement.
- Stifel analyst Stephen Gengaro maintained NOV with a Buy rating and lowered the price target from $25 to $24.
- Susquehanna analyst Charles Minervino maintained the stock with a Positive and cut the price target from $22 to $21.
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