NOV Inc. recently reported an increase in its fourth-quarter profits compared to last year, exceeding Wall Street predictions.
This year, the company's net earnings amounted to $598 million or $1.51 per share, a significant hike from last year's fourth-quarter profit of $104 million, equivalent to $0.26 per share. Industry analysts had estimated an average earnings of $0.41 per share. It's worth mentioning that these projections usually dismiss occasional or special items.
Additionally, the company experienced an increase in revenue for the quarter, climbing 13.0% to $2.34 billion compared to $2.07 billion the same time last year.
Here's a snapshot of NOV Inc.'s earnings based on Generally Accepted Accounting Principles (GAAP):
- Fourth-quarter earnings: $598 million, compared to $104 million last year
- Fourth-quarter earnings per share (EPS): $1.51, as opposed to $0.26 last year
- Analysts' average estimate: $0.41
- Fourth-quarter revenue: $2.34 billion, versus $2.07 billion last year.
