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National Oilwell Varco: What to Expect from 3Q17 Earnings

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National Oilwell Varco: What to Expect from 3Q17 Earnings PART 1 OF 8

What Analysts Expect from NOV’s 3Q17 Earnings

NOV’s 3Q17 earnings estimates

In 3Q17, Wall Street analysts expect an $0.08 adjusted loss per share for National Oilwell Varco (NOV). This outlook indicates that they expect NOV to cut its adjusted loss compared to its 2Q17 adjusted loss of $0.14 per share. A higher Rig Aftermarket segment margin and higher revenues in NOV’s Rig Systems and Completion & Production Solutions segment’s onshore business could result in improved earnings in 3Q17. NOV is scheduled to hold its 3Q17 earnings conference call on October 27.What Analysts Expect from NOV’s 3Q17 Earnings

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NOV’s earnings versus estimates

National Oilwell Varco’s adjusted earnings per share (or EPS) beat analysts’ consensus EPS estimate in 2Q17. On average, NOV’s adjusted EPS beat consensus EPS estimates by ~7% in the past 13 quarters. From 2Q16 through 2Q17, NOV’s adjusted loss reduced. Earlier, starting in 1Q15, NOV’s earnings began crumbling, led by a falling rig count.

NOV is 5.8% of the iShares US Oil Equipment & Services ETF (IEZ). Since June 30, IEZ has risen 3%, compared to a 7% rise in NOV’s stock price. NOV is also 0.06% of the SPDR S&P 500 ETF (SPY). The S&P 500 Index (SPX-INDEX) rose 5% since June 30. Read more about NOV in Market Realist’s What Lies Ahead for National Oilwell Varco in 2017.

NOV’s 3Q17 revenue estimates

Wall Street analysts expect National Oilwell Varco to post $1.86 billion in revenues in 3Q17, which would be 6% higher than to its 2Q17 revenues.

Analysts’ estimates for NOV’s peers

Wall Street analysts expect Oceaneering International (OII), NOV’s smaller-market-cap peer, to improve 38% in 3Q17 compared to its 2Q17 adjusted earnings. Analysts expect TechnipFMC’s (FTI) 3Q17 adjusted earnings to remain unchanged from its 2Q17 adjusted earnings. Wall Street analysts expect Helmerich & Payne’s (HP) 3Q17 adjusted loss to improve compared to its 2Q17 adjusted loss of $0.25 per share.

Series highlight

In this series, we’ll look at NOV’s 3Q17 value drivers, what indicators are suggesting for NOV, and Wall Street analysts’ recommendations. We’ll start with NOV’s management estimates in 3Q17.

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