"Our team executed well and delivered double-digit sequential sales growth across all three of our business segments during the second quarter," commented Clay Williams, Chairman, President, and CEO. "We achieved several notable milestones during the quarter, including securing the largest land rig order ever placed, which was associated with the creation of our previously announced drilling equipment joint venture with Saudi Aramco."
"Growing confidence in the sustainability of the ongoing recovery is resulting in strong North American activity coupled with improving activity and revenue growth in most international markets. Demand is accelerating for the technologies and products we’ve developed through the downturn that drive better safety and efficiency for our customers around the world. NOV is well-positioned to capitalize on an expanding global recovery."
NOV reported second quarter 2018 net income of $24 million. Revenues for the second quarter were $2.11 billion, an increase of 17 percent compared to the first quarter of 2018 and an increase of 20 percent from the second quarter of 2017. Operating profit for the second quarter of 2018 was $52 million, or 2.5 percent of sales, and Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) was $226 million, or 10.7 percent of sales.
NOV had several significant achievements this quarter:
You can view the full press release here.
Published Date: 2018-07-29 Source: National Oilwell Varco