NYSE$NOV
NOV Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported revenue of $1.96 billion and net income of $126 million.
NOV Inc. reported first quarter 2023 results with revenue of $1.96 billion, a 27% increase year-over-year. Net income was $126 million, and operating profit was also $126 million. The company experienced continued strong demand, with orders for capital equipment exceeding shipments by 9%.
- Revenue increased 27% compared to Q1 2022.
- Orders for capital equipment exceeded shipments out of backlog by 9%.
- Offshore and international activity is building strong momentum.
- Underlying performance across the business continued to improve.
Headline financials
Revenue & EPS history
NOV · Revenue · Quarterly
$1.96B
Revenue by segment
NOV · $1.46B total across 2 segments · Q1 2023
- Energy Products & Services$745M—50.9%
- Energy Equipment$718M—49.1%
Forward guidance
NOV anticipates rising demand in offshore and international markets to underpin steadily rising results for the organization as 2023 progresses.
Tailwinds
- Rising demand in offshore markets.
- Rising demand in international markets.
- Steady increase in tendering activity.
- Steady increase in backlog.
- Greater demand for new technologies.
Headwinds
- Decline in North American natural gas prices may be a near-term headwind.
- Impact of seasonality.
- Significant supply chain disruption within Wellbore Technologies segment.
- Unexpected charges weighed on results.
- Continued supply chain challenges disrupted the Segment’s drill pipe operations.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.2%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-0.1%
Avg return
30 days after
42%
30 / 72 earnings
Positive
+14.3%
Q3 2019
Best reaction
-11.8%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.7% | +3.0% | +7.1% | |
| Q4 2025 | +0.8% | +3.0% | +7.1% | |
| Q3 2025 | +7.1% | +4.7% | +8.2% | |
| Q1 2025 | -2.0% | +0.2% | +0.3% | |
| Q4 2024 | +12.7% | +9.3% | +2.6% | |
| Q3 2024 | +2.9% | +0.5% | +8.7% | |
| Q2 2024 | +8.8% | +12.1% | -1.4% | |
| Q1 2024 | +0.2% | -1.8% | -3.1% | |
| Q4 2023 | -9.7% | -10.2% | -12.4% | |
| Q3 2023 | +0.8% | +2.6% | -2.0% | |
| Q2 2023 | -1.8% | +6.4% | +6.6% | |
| Q1 2023 | -9.0% | -8.1% | -17.3% | |
| Q4 2022 | +0.0% | +3.3% | -3.0% | |
| Q3 2022 | -3.8% | +0.3% | -1.0% | |
| Q2 2022 | +11.1% | +18.4% | +22.5% | |
| Q1 2022 | -2.2% | +0.6% | +8.6% | |
| Q4 2021 | -7.4% | -10.2% | +4.7% | |
| Q3 2021 | -0.1% | -4.4% | -12.2% | |
| Q2 2021 | -3.4% | -3.1% | -8.4% | |
| Q1 2021 | +10.4% | +10.9% | +20.5% | |
| Q4 2020 | -1.8% | -13.5% | -20.6% | |
| Q3 2020 | -6.5% | -8.6% | +48.0% | |
| Q2 2020 | -9.3% | -9.7% | -6.5% | |
| Q1 2020 | -2.1% | -2.7% | +10.3% | |
| Q4 2019 | +8.7% | +4.9% | -29.5% | |
| Q3 2019 | +14.3% | +11.0% | +9.3% | |
| Q2 2019 | +6.0% | +1.7% | -11.7% | |
| Q1 2019 | +3.4% | -1.3% | -15.5% | |
| Q4 2018 | -5.2% | -4.5% | -14.3% | |
| Q3 2018 | -2.6% | +0.8% | -14.2% | |
| Q2 2018 | +10.8% | +14.9% | +5.8% | |
| Q1 2018 | +1.5% | +0.6% | +7.8% | |
| Q4 2017 | -0.8% | -7.3% | +2.3% | |
| Q3 2017 | -1.2% | +1.7% | -5.3% | |
| Q2 2017 | -0.7% | -4.4% | -8.5% | |
| Q1 2017 | -2.3% | -4.4% | -8.5% | |
| Q4 2016 | +4.7% | +5.2% | +0.6% | |
| Q3 2016 | -6.8% | -11.2% | -0.6% | |
| Q2 2016 | +3.5% | +2.0% | +10.5% | |
| Q1 2016 | +13.7% | — | — | |
| Q4 2015 | -6.8% | — | — | |
| Q3 2015 | +1.4% | — | — | |
| Q2 2015 | +5.4% | — | — | |
| Q1 2015 | -3.2% | — | — | |
| Q4 2014 | -7.2% | — | — | |
| Q3 2014 | -0.1% | — | — | |
| Q2 2014 | -3.5% | — | — | |
| Q1 2014 | -6.4% | — | — | |
| Q4 2013 | +0.1% | — | — | |
| Q3 2013 | +4.8% | — | — | |
| Q2 2013 | -1.4% | — | — | |
| Q1 2013 | -1.9% | — | — | |
| Q4 2012 | -5.4% | — | — | |
| Q3 2012 | -2.9% | — | — | |
| Q2 2012 | +9.4% | — | — | |
| Q1 2012 | -1.6% | — | — | |
| Q4 2011 | -1.3% | — | — | |
| Q3 2011 | -2.3% | — | — | |
| Q2 2011 | -11.8% | — | — | |
| Q1 2011 | +1.0% | — | — | |
| Q4 2007 | -2.4% | — | — | |
| Q4 2010 | -2.4% | — | — | |
| Q3 2010 | +0.1% | — | — | |
| Q2 2010 | -1.0% | — | — | |
| Q1 2009 | +0.8% | — | — | |
| Q1 2010 | +2.8% | — | — | |
| Q4 2009 | +1.1% | — | — | |
| Q3 2008 | +4.9% | — | — | |
| Q3 2009 | +4.9% | — | — | |
| Q2 2009 | -1.1% | — | — | |
| Q2 2008 | -1.1% | — | — | |
| Q4 2008 | -1.1% | — | — |
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