Source: Fortune
National Oilwell Varco (NOV) reported Q1 revenue of $1.88 billion and EPS of -$5.34. The company missed on revenue and earnings. NOV fell in the low-single-digit percentage range after earnings. I had the following takeaways on the quarter.
Falling Revenue Growth
The coronavirus has caused the economy to come to a hard stop. The free-fall in travel and business activity has created demand destruction for oil, which is now sub-$30. Several oil producers cannot make money at these oil prices, which has hurt E&P and National Oilwell. The company's Q1 revenue fell 17%