NOV Inc. reported third-quarter revenue of $2.23 billion, up 2% year over year, as it forecast fourth-quarter revenue roughly flat against a year earlier amid expected moderation in activity.
Net income was $90 million, up $48 million from a year earlier. NOV issued its earnings release on Oct. 27; the related Form 8-K was filed with the Securities and Exchange Commission on Oct. 28, with Oct. 27 listed as its report period. The filing index lists 31 documents and includes results and financial condition, along with financial statements and exhibits.
Adjusted EBITDA, a non-GAAP measure, advanced $23 million to $281 million, or 12.6% of sales. NOV said adjusted EBITDA included an approximately $5 million benefit related to tariff refunds.
The company linked part of its revenue increase to work supporting Middle East customers and higher manufacturing throughput. It also cited energy-security needs and limited availability of modern, higher-specification equipment as factors supporting demand.
NOV booked $577 million in new orders, equal to 91% of the $632 million in backlog orders shipped during the quarter. At Sept. 30, capital equipment order backlog in its Energy Equipment segment was $3.98 billion.
For the fourth quarter, NOV expects revenue to be roughly flat year over year and adjusted EBITDA of $260 million to $300 million. NOV’s outlook assumes the region’s operating environment stays near third-quarter conditions as activity moderates. The company warned that worsening conditions could materially affect results. NOV cited the demand supports alongside its expectation of moderating activity.
NOV said it returned $47 million to shareholders during the quarter: $15 million through share repurchases and $32 million in dividends.
The company also reported $28 million in pre-tax Other Items, including severance, inventory write-downs and streamlining costs, plus $18 million in net fixed-asset write-downs, mainly tied to facility closures.
NOV listed an earnings call for Oct. 28.
