Nov Inc - NOV STOCK NEWS

NOV Inc. reported its Q4 and full-year 2024 results, with Q4 net income of $160 million ($0.41 per diluted share) and full-year net income of $635 million ($1.60 per diluted share). Q4 revenues were $2.31 billion, down 1% year-over-year, while full-year revenues increased to $8.87 billion.

The company achieved Q4 Adjusted EBITDA of $302 million (13.1% of sales) and generated strong cash flows from operations of $591 million. Capital equipment orders reached $757 million in Q4, representing a book-to-bill ratio of 121%. The company returned $141 million to shareholders during Q4 and $337 million throughout 2024.

Energy Equipment segment showed resilience with $1.29 billion in Q4 revenue and a robust backlog of $4.43 billion. The Energy Products and Services segment generated $1.06 billion in Q4 revenue with operating profit of $112 million.

NOV Inc. (NYSE: NOV) has scheduled its fourth quarter and full year 2024 earnings conference call for Wednesday, February 5, 2025, at 10 a.m. (Central Time). The company will release its financial results after market close on Tuesday, February 4, 2025. Investors can access the live webcast of the conference call through the company's investor relations website at www.nov.com/investors.

NOV Inc. (NYSE: NOV) has appointed Chris Kendall to its Board of Directors, effective December 15, 2024. Kendall brings over 30 years of global oil and gas industry experience, including his recent role as President and CEO of Denbury Inc. before its acquisition by Exxon Mobil in November 2023. His background includes leadership positions at Noble Energy and Mobil , with expertise in international operations, carbon capture, and enhanced oil recovery.

Kendall will serve on NOV's Audit Committee. He currently serves as a director of California Resources and Carbon TerraVault. With his appointment, NOV's board now consists of eleven directors, with ten being independent members.

NOV announced that its Board of Directors has declared a regular quarterly cash dividend of $0.075 per share of common stock. The dividend will be payable on December 20, 2024, to stockholders of record as of December 6, 2024.

NOV and Venture Builder VC have launched the NOV Supernova Accelerator, a five-month program designed to drive digital transformation in upstream oil and gas. The program offers startups direct access to NOV's R&D teams and business units, focusing on key areas including Data Management & Analytics, Operational Efficiency, HSE Monitoring, Predictive Maintenance, and Digital Twins.

The accelerator features 13 selected startups offering innovative solutions, including AnyLog's edge data management platform, Equipt's AI-powered asset management system, and Spindletop AI's edge-based machine learning for well optimization. The program culminates in a Demo Day where founders present their solutions to NOV executives, industry leaders, and potential investors.

NOV Inc. reported strong Q3 2024 results with revenues of $2.19 billion, a slight increase from Q3 2023. Net income rose 14% to $130 million ($0.33 per share), while operating profit increased 6% to $194 million. Adjusted EBITDA grew 7% to $286 million. The company achieved a 111% book-to-bill ratio with bookings of $627 million. Free cash flow reached $277 million, enabling $109 million return to shareholders through share repurchases ($80 million) and dividends ($29 million). Energy Equipment segment showed growth while Energy Products and Services saw a slight decline.

NOV Inc. (NYSE: NOV) has announced its upcoming third quarter 2024 earnings conference call. The call is scheduled for Friday, October 25, 2024, at 10 a.m. Central Time. Prior to the call, NOV will release its financial results after the market closes on Thursday, October 24, 2024. Investors and interested parties can access the live webcast of the conference call through the company's investor relations website at www.nov.com/investors. This event provides an opportunity for stakeholders to gain insights into NOV's financial performance and business outlook for the third quarter of 2024.

Cormetech, a leading manufacturer of SCR Catalyst and Carbon Capture Adsorbers, has announced a significant leadership change. Patricia Martinez will be appointed as the new President & CEO, effective August 19th, 2024. She brings over 25 years of industry experience, with a focus on low-carbon energy solutions. Mike Mattes, the current President & CEO, will transition to the role of Chairman of the Board.

Martinez's appointment is expected to drive Cormetech's growth in the emissions control industry, particularly in areas such as Electrification, Carbon Capture Utilization and Sequestration (CCUS), Bio Energy, and Hydrogen. The company aims to leverage her expertise to expand its product lines and solidify its position as an industry leader.

NOV Inc. (NYSE: NOV) has announced a regular quarterly cash dividend of $0.075 per share of common stock. The dividend is payable on September 27, 2024 to stockholders of record as of September 13, 2024. This declaration demonstrates NOV's commitment to returning value to its shareholders through consistent dividend payments. The announcement provides clarity on the company's dividend policy and offers investors a predictable income stream from their NOV stock holdings.