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NOV (NOV) Q1 FY2024 earnings: revenue $2.2 billion, up 9.8% on the year

NOV Inc. (NOV) reported revenue of $2.2 billion for Q1 FY2024, the quarter ended 31 March 2024, up 9.8% on the same quarter a year earlier. Net income was $119 million, down 5.6% on the year, and diluted earnings per share $0.30. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$2.2 billionup 9.8%
Net income$119 milliondown 5.6%
Diluted EPS$0.30
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue2,1552,343n/an/a
Cost of revenue1,6971,846n/an/a
Gross profit458497n/an/a
Gross margin21.3%21.2%n/a
Selling, general and administrative296336n/an/a
Operating income162161n/an/a
Operating margin7.5%6.9%n/a
Interest expense24.023.0n/an/a
Pre-tax income165135n/an/a
Income tax44.0-460n/an/a
Effective tax rate26.7%-340.7%n/a
Net income119598n/an/a
Net margin5.5%25.5%n/a
Diluted EPS$0.30$1.51n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow-78.0377n/an/a
Capital expenditure69.076.0n/an/a
Free cash flow-147301n/an/a
Free cash flow margin-6.8%12.8%n/a
Cash from investing-311-82.0n/an/a
Cash from financing43.03.0n/an/a
Depreciation and amortisation83.077.0n/an/a
Share-based compensation19.017.0n/an/a
Dividends paid20.019.0n/an/a
Dividend per share$0.05n/an/an/a
Diluted shares, weighted397m397mn/an/a
Shares outstanding at period end396m394mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity6,2466,168n/an/a
Non-controlling interest75.074.0n/an/a
Debt1,8081,725n/an/a
Operating lease liabilities347343n/an/a
Finance lease liabilities217215n/an/a
Other liabilities2,6122,769n/an/a
Total liabilities and equity11,30511,294n/an/a
Fixed assets1,8781,865n/an/a
Goodwill1,6021,562n/an/a
Intangible assets508450n/an/a
Cash and equivalents468816n/an/a
Receivables1,8671,905n/an/a
Inventory2,2782,151n/an/a
Other assets2,7042,545n/an/a
Total assets11,30511,294n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,1852,3432,1552,2162,1912,3082,1032,1882,1762,2772,0522,134
Cost of revenue1,7171,8461,6971,6261,7221,8151,6561,7421,7641,8151,6731,613
Gross profit468497458590469493447446412462379521
Gross margin21%21%21%27%21%21%21%20%19%20%18%24%
SG&A285336296277275286295303305300332328
Operating income18316116231319420715214310792.047.0193
Operating margin8%7%8%14%9%9%7%7%5%4%2%9%
Interest expense23.023.024.022.021.024.022.022.022.022.022.021.0
Pre-tax income15613516529317419912111573.066.035.0157
Tax rate31%-341%27%24%25%19%39%1%40%223%43%26%
Net income11459811922613016073.010842.0-78.019.0112
Net margin5%26%6%10%6%7%3%5%2%-3%1%5%
Diluted EPS$0.29$1.51$0.30$0.57$0.33$0.41$0.19$0.29$0.11-$0.21$0.05$0.31
Operating cash flow40.0377-78.0432359591135191352573-26.017.0
Capital expenditure74.076.069.082.082.011884.083.010710165.081.0
Free cash flow-34.0301-14735027747351.0108245472-91.0-64.0
Buybacksn/an/an/an/a80.0n/a81.069.080.085.067.063.0
Dividends paid20.019.020.030.029.029.028.010728.027.033.064.0
Shares outstanding394m394m396m394m389m382m378m373m367m361m360m357m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0000950170-24-048859: the filing on EDGAR. All of NOV Inc.'s filings: EDGAR company page.

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