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NOV Reports Lower Backlog
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National Oilwell Varco, Inc. has reported that for its third quarter ended September 30, 2015, it earned net income of $155 million, or $0.41 per fully diluted share, compared to second quarter ended June 30, 2015 net income of $289 million, or $0.74 per fully diluted share.
Revenues for the third quarter of 2015 were $3.31 billion, a decrease of 15 percent from the second quarter of 2015 and a decrease of 41 percent from the third quarter of 2014. Operating profit for the quarter, excluding the other items, was $346 million, or 10.5 percent of sales. EBITDA, excluding other items, was $511 million, or 15.5 percent of sales, down 19 percent sequentially and 58 percent from the prior year.
Operating leverage, or the change in operating profit divided by the change in revenue, excluding…
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