Oil equipment supplier Nov sees drop in Q3 revenue, EBITDA; shares fall

NOV

29/07/2025 15:05

** Shares of Nov Inc NOV.N fall 7.2% to $13.15

** The U.S. oil equipment and services supplier expects Q3 revenues to decline between 1% to 3%; sees adj core profit between $230 million and $250 million

** NOV posted a fall in Q2 profit on Monday, hurt by macroeconomic uncertainty, unwinding of OPEC+ production quotas, and conflict in the Middle East

** Posts profit of $108 million vs $226 million a year ago

** Company says the softer market has made it more challenging to offset tariffs and other inflationary costs

** Implements additional cost control initiatives and further adjusting the global supply chain to better mitigate increasing costs

** Expects current market dynamics to persist resulting in lower industry activity levels through the second half of the year, with offshore activity resuming growth in 2026.

** Brokerages ATB, Morgan Stanley, TD Cowen and RBC view the results negatively

** "We view the results negatively, specially as the stock has done relatively well in the context of the large cap service stock performance"- ATB

** Including session's moves, shares are down 1.3% YTD

 (Reporting by Katha Kalia in Bengaluru)

 ((Katha.Kalia@thomsonreuters.com))