National Oilwell Varco, Inc. NOVreported first-quarter 2018 adjusted loss of 18 cents per share, much wider than the Zacks Consensus Estimate of a loss of 4 cents. Lower contribution from all segments led to the poor show. Operating profit from the Rig Technologies segment totaled $18 million, way below the Zacks Consensus Estimate of $34.
81 million. Further, operating profit from the Completion & Production Solutions segment was $16 million, lagging the estimate of $26.55 million. Operating profit of $12 million at Wellbore Technologies also fell shy of the Zacks Consensus Estimate of $18.88 million.The bottom line also compared unfavorably with the last report’s loss of 4 cents. On the bright side, loss per share narrowed 43.7% from the first quarter of 2017. The year-over-year improvement was led by robust performance by the onshore-levered Wellbore Technologies segment.
Total revenues of $1,795 million missed the Zacks Consensus Estimate of $1,853 million. Revenues also declined 8.8% sequentially. However, the top line improved nominally from the year-ago $1,741 million.