National Oilwell Varco to Align Cost Structure with Current Market
April 12 2019 - 9:40AM
Dow Jones News
By Michael Dabaie
National Oilwell Varco Inc. (NOV) said it will undertake
initiatives this year to align its cost structure with the current
market environment.
"The price of oil has steadily improved since the beginning of
2019, slowly inspiring greater confidence among our North American
customers, while international and offshore markets continue to
exhibit steady signs of improvement," Chief Executive Clay Williams
said Friday.
Shares were down 4.4% to $28.05 premarket.
Order intake accelerated through the quarter and resulted in a
sequential increase in bookings, the provider of technology,
equipment and services to the oil and gas industry said.
"Notwithstanding our expectations for market conditions and our
financial results to improve as we progress through 2019, the
outlook remains opaque. Therefore, we will be undertaking new
initiatives throughout 2019 to align our cost structure with the
current market environment," Mr. Williams said.
National Oilwell Varco said it sees first quarter revenue of
$1.94 billion, which is below prior expectations. The company will
provide complete results April 25.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
April 12, 2019 09:25 ET (13:25 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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