NOV Reports 39% Decrease in Net Income

By Bobby Samwell • Tuesday, April 29 15:23 • Permanent Link

Nov Inc. (NYSE: NOV) has reported its first quarter 2025 results, showcasing a mix of figures reflecting changes from the previous year. The company's net income came in at $73 million, down significantly by $46 million compared to the same period in 2024. This translates to a 39% decrease in net income. On a per-share basis, the earnings were reported at $0.19, marking a decline from the previous year.

However, there are other metrics that present a different story. Adjusted EBITDA showed an increase of $11 million year-over-year, reaching $252 million for the first quarter of 2025. This represents a 5% improvement compared to the figures from the prior year. Additionally, the company reported cash flow from operations of $135 million and free cash flow of $51 million.

In terms of capital allocation, the company returned $109 million to shareholders through a combination of share repurchases and dividends.

Breaking down the performance by segments, the energy products and services division saw revenues of $992 million, a 2% decrease from the first quarter of 2024. The operating profit for this segment decreased by $38 million year-over-year to $83 million, representing 8.4% of sales. Adjusted EBITDA for this segment also declined by $29 million to $145 million.

On the other hand, the energy equipment division reported revenues of $1.15 billion, a 3% decrease from the first quarter of 2024. However, the operating profit for this segment increased by $39 million to $134 million, constituting 11.7% of sales. Adjusted EBITDA for energy equipment surged by $46 million to reach $165 million.

Looking at the orders and backlog, new orders for the first quarter of 2025 totaled $437 million, marking an increase of $47 million from the same period in 2024. Orders shipped from the backlog amounted to $549 million, with a book-to-bill ratio of 80%.

As for the outlook for the second quarter of 2025, the company anticipates facing macroeconomic and geopolitical uncertainties. Despite this, it aims for modest sequential revenue improvement in the upcoming quarter.

As a result of these announcements, the company's shares have moved -2.0% on the market, and are now trading at a price of $11.99. Check out the company's full 8-K submission here.

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