National Oilwell Varco Sees 1Q Revenue $1.94 Billion, Below Prior Expectations

By Michael Dabaie

National Oilwell Varco Inc. (NOV) said it expects to report first quarter revenue of $1.94 billion, which is below prior expectations.

"The severity of the decline in demand for oilfield equipment resulting from the sharp fall in oil prices during late 2018, further compounded by capital austerity that has taken hold in upstream oil and gas markets, was greater than we expected," said Chief Executive Clay Williams.

Market weakness was particularly acute among oilfield service company customers, resulting in a disproportionate impact to the company's Completion & Production Solutions segment, National Oilwell Varco said. But, all three operating segments will report results below prior expectations, the company said.

The company said on a consolidated basis it expects to report a GAAP operating loss of approximately $48 million and adjusted earnings before interest, taxes, depreciation and amortization of approximately $140 million.

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires

April 12, 2019 09:06 ET (13:06 GMT)

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