In the second quarter of 2024, NOV Inc. reported revenues of $2.22 billion, marking a 6% increase from the same period in 2023. The company's net income reached $226 million, up by $71 million from the second quarter of 2023, with earnings per share at $0.57, representing an increase of $0.18 per share year-over-year.
Adjusted EBITDA for the second quarter of 2024 was $281 million, a notable increase of $36 million from the previous year. Additionally, NOV Inc. reported cash flow from operations of $432 million and free cash flow of $350 million.
The company repurchased 2.0 million shares of common stock for $37 million at an average price of $18.50 per share during the quarter. Furthermore, bookings for the period amounted to $977 million, reflecting a substantial 177% book-to-bill ratio.
In terms of specific segments, the energy products and services division saw a 2% increase in revenues, reaching $1.05 billion in the second quarter of 2024. However, operating profit for this division decreased by $28 million from the prior year to $128 million. On the other hand, the energy equipment segment reported an 8% increase in revenues, totaling $1.204 billion, and a significant rise in operating profit by $151 million to $232 million.
Looking ahead, NOV Inc. provided financial guidance for the third quarter and full year of 2024. The company's CEO, Clay Williams, expressed satisfaction with the second quarter results, highlighting the highest adjusted EBITDA margin since 2015 and an increase in free cash flow to $350 million during the period. Williams also emphasized the company's strong international growth and improving project margins in the backlog.
Following these announcements, the company's shares moved 6.1%, and are now trading at a price of $19.8. If you want to know more, read the company's complete 8-K report here.
