NOV - NOV slumps after posting Q4 loss warning on continued cost headwinds

NOV Inc. (NOV -7.8%) plunges at the open after reporting a Q4 GAAP loss of $0.10/share, far better than the year-ago loss of $0.90/share but larger than Wall Street expectations, and warning that higher freight, labor and component costs will continue into this year. Q4 net loss attributable to the company was $40M vs. a $347M loss in the year-earlier quarter; Q4 adjusted EBITDA rose to $69M from $17M a year ago, but analyst consensus estimate was $87.6M. Q4 revenues rose 14% Y/Y and 13% Q/Q to $1.52B, driven by continued growth in global drilling activity levels and higher prices. Q4 sales by segment: Wellbore Technologies +54% Y/Y and +14% Q/Q to $576M, Completion & Production Solutions +1% Y/Y and +15% Q/Q to $549M, Rig Technologies -1% Y/Y and +11% Q/Q to $431M. "Improving oil, gas and offshore wind power activity helped fuel double-digit sequential revenue growth in all three

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NOV slumps after posting Q4 loss, warning on continued cost headwinds