3 Things National-Oilwell Varco, Inc.'s CEO Wants You to Know
National Oilwell Varco's (NYSE: NOV) financial results continued showing signs of improvement during the second quarter. Revenue crept up both sequentially and year over year while its net loss kept shirking. Driving that improvement was the combination of increased activity in the oil market, which is boosting demand for its products, as well as the company's conscious efforts to improve its fortunes. That was evident from the comments by CEO Clay Williams on the accompanying conference call, where he noted three areas that are driving the company's recovery from one of the deepest market downturns in decades.
The CEO started his prepared remarks by noting that the company's financial results improved sequentially:
Much of our business continued to rise with higher oilfield activity, particularly in North America, leading our land business 7% higher sequentially in the quarter. But this was largely offset by reductions offshore (and in certain sluggish international markets like Asia and Africa) that pushed our consolidated offshore mix down to 39% and our land mix up to 61%. So, NOV continues to pivot to where the action is.
Source: Fool.com
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