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NOV Inc. (NYSE: NOV) is a globally recognized leader in the design, manufacturing, and sale of equipment and components used in oil and gas drilling and production operations. The company also offers vital oilfield services to the oil and gas industry, leveraging over 150 years of experience to drive customer success. NOV's extensive portfolio includes high-quality products such as downhole tools, drill pipe, and well casing. With a substantial international presence, nearly two-thirds of NOV's revenue is generated from global markets.
Through continuous innovation, NOV has developed some of the highest quality products available in the market. The company prides itself on having the technical expertise, advanced equipment, and comprehensive support necessary for its customers to excel in a challenging and evolving industry.
Recent achievements and ongoing projects highlight NOV's commitment to excellence and innovation. The company's partnerships with key industry players have resulted in pioneering solutions that address the complexities of modern oil and gas operations. Financially, NOV remains robust, consistently investing in new technologies and expanding its global footprint to better serve its customers.
Whether you are an investor looking to understand NOV's market position or a professional seeking the latest equipment and service offerings, NOV stands as a beacon of reliability and innovation within the oil and gas sector.
NOV Inc. (NYSE: NOV) reported strong Q2 2024 results, with revenue of $2.22 billion, up 6% year-over-year. Net income rose to $226 million ($0.57 per share), a $71 million increase from Q2 2023. Adjusted EBITDA grew 15% to $281 million, reaching 12.7% of sales, the highest margin since 2015. The company generated $432 million in operating cash flow and $350 million in free cash flow.
NOV's performance was driven by international and offshore market growth, offsetting declining North American activity. The company's backlog reached its highest level since 2015, with new orders of $977 million representing a 177% book-to-bill ratio. NOV accelerated capital return to shareholders, repurchasing 2.0 million shares for $37 million and increasing its dividend by 50%.
NOV (NYSE: NOV) has scheduled a conference call for July 26, 2024, at 10 a.m. CT to discuss its second quarter 2024 financial results. The company will release its earnings report after market close on July 25, 2024. Investors and interested parties can access the live webcast through NOV's investor relations website.
NOV (NYSE: NOV) has announced a 50% increase in its regular quarterly cash dividend. The new dividend is $0.075 per share of common stock, payable on June 28, 2024, to stockholders of record on June 14, 2024. This increase aligns with NOV's capital return framework, which aims to return at least 50% of Excess Free Cash Flow to shareholders. Excess Free Cash Flow is defined as cash flow from operations minus capital expenditures and other investments, including acquisitions. The return includes steady quarterly base dividends, opportunistic stock buybacks, and an annual supplemental dividend.
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