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Oilwell Varco Warns of Challenging 2015

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National Oilwell Varco (NOV), an oilfield services company, posted better-than-expected Q4 earnings and revenue in line with forecasts, but warned of a challenging year ahead as customers scale back activity amid the slumping oil price.

Adjusted net income was $721 million, or $1.69 per fully diluted share, up 13 percent from the same period a year ago, beating estimates for $1.60, according to Capital IQ.

On a GAAP basis, net income from continuing operations was $595 million, or $1.39 per fully diluted share, compared to $627 million, or $1.46 a year ago. Revenues were $5.71 billion, up 8% from a year ago and in line with the consensus view.

“Looking into 2015 we face a very challenging market. Our customers are sharply reducing their oilfield activity and expenditures,” said Clay C. Williams, Chairman, President and CEO.

However, he noted the company’s strong backlog of capital equipment orders, strong financial resources and positive cash flow position it well to navigate the cyclical decline. Clayton said the company will seek strategic opportunities that may arise from the current market conditions. The shares recently traded at $56.39 with a 52-week range of $52.14 – $86.55.


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