NOV - NOV Inc. (NOV) Q4 2024 Earnings Call Transcript
2025-02-05 15:12:27 ET
NOV Inc. (NOV)
Q4 2024 Earnings Conference Call
February 05, 2025, 11:00 AM ET
Company Participants
Amie D'Ambrosio - Director of Investor Relations
Clay Williams - Chairman, President and Chief Executive Officer
Jose Bayardo - Senior Vice President and Chief Financial Officer
Conference Call Participants
Jim Rollyson - Raymond James
Roger Read - Wells Fargo Securities
Daniel Kutz - Morgan Stanley
Waqar Syed - ATB Capital Markets
Presentation
Operator
Good day ladies and gentlemen, and thank you for standing by. Welcome to the NOV Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder today's program is being recorded.
At this time, I would like to turn the conference over to Ms. Amie D'Ambrosio. Ma'am, you may begin.
Amie D'Ambrosio
Welcome, everyone, to NOV's fourth quarter and full year 2024 earnings conference call. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, our Senior Vice President and CFO.
Before we begin, I would like to remind you that some of today's comments are forward-looking statements within the meaning of the federal securities laws. They involve risks and uncertainty, and actual results may differ materially.
No one should assume these forward-looking statements remain valid later in the quarter or later in the year. For a detailed discussion of the major risk factors affecting our business, please refer to our latest Forms 10-K and 10-Q filed with the Securities and Exchange Commission. Our comments also include non-GAAP measures. Reconciliations to the nearest corresponding GAAP measures are in our earnings release available on our website.
On a U.S. GAAP basis, for the fourth quarter of 2024, NOV reported revenues of $2.31 billion and a net income of $160 million or $0.41 per fully diluted share. For the full year 2024, revenues were $8.87 billion and net income was $635 million or $1.60 per fully diluted share. Our use of the term EBITDA throughout this morning's call corresponds with the term adjusted EBITDA, as defined in our earnings release.
Later in the call, we will host a question-and-answer session. Please limit yourself to one question and one follow-up to permit more participation.
Now, let me turn the call over to Clay.
Clay Williams
Thank you, Amie and good morning everyone.
NOV's fourth quarter marked a strong finish to a good year. Fourth quarter revenues grew 5% sequentially to $2.3 billion, and net income was $160 million, resulting in fully diluted earnings of $0.41 per share. EBITDA was $302 million or 13.1% of sales....
NOV Inc. (NOV) Q4 2024 Earnings Call Transcript