NOV Q1 revenue $2.16B (+10%); plans $1B buyback, 50% dividend increase

NOV Inc.

2024-Q1 EPS reported $0.30 revenue$2,155,000,000

Q1 revenue $2.16B (+10% YoY); net income $119M (-$7M YoY); EPS $0.30 (-$0.02).
Adjusted EBITDA $241M (+$46M YoY); operating profit $162M (+$36M).
Plans to return at least 50% of excess free cash flow annually via dividends, buybacks, and supplemental dividends.
Board authorized $1B share repurchase over 36 months; dividend to rise 50% to $0.075/qtr starting June 2024.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NOV Inc. reported first quarter 2024 results: revenue $2.16 billion, net income $119 million, EPS $0.30.

Period: first quarter 2024
Revenue: $2.16 billion
Net income: $119 million
EPS: $0.30
Result: reported results

Exact text from the filing

NOV Reports first quarter 2024 Results, return of capital framework, $1 billion share repurchase authorization, and Plan to increase dividend 50% • Revenue of $2.16 billion, an increase of 10% year-over-year • Operating Profit of $162 million, an increase of $36 million year-over-year • Net Income of $119 million, down $7 million year-over-year • Fully diluted earnings per share of $0.30, down $0.02 year-over-year • Adjusted EBITDA* of $241 million, an increase of $46 million year-over-year

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Source: SEC EDGAR

accession 0000950170-24-048681

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