NOV Inc. (NYSE:NOV) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET
Company Participants
Blake McCarthy - Vice President, Corporate Development and IR
Clay Williams - Chairman, President and CEO
Jose Bayardo - Senior Vice President and CFO
Conference Call Participants
Jim Rollyson - Raymond James
Luke Lemoine - Piper Sandler
Neil Mehta - Goldman Sachs
Stephen Gengaro - Stifel
Kurt Hallead - Benchmark
Marc Bianchi - TD Cowen
Arun Jayaram - JPMorgan
Tom Curran - Seaport
Operator
Good day, ladies and gentlemen. And welcome to the NOV First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. [Operator Instructions]
As a reminder, this conference call is being recorded. I would now like to introduce you to your host for today’s conference, Mr. Blake McCarthy, Vice President of Corporate Development and Investor Relations. Sir, you may begin.
Blake McCarthy
Welcome, everyone, to NOV’s first quarter 2023 earnings conference call. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, our Senior Vice President and CFO.
Before we begin, I would like to remind you that some of today’s comments are forward-looking statements within the meaning of the federal securities laws. They involve risks and uncertainty, and actual results may differ materially.
No one should assume these forward-looking statements remain valid later in the quarter or later in the year. For a more detailed discussion of the major risk factors affecting our business, please refer to our latest forms 10-K and 10-Q filed with the Securities and Exchange Commission.
Our comments also include non-GAAP measures. Reconciliations to the nearest corresponding GAAP measures are in our earnings release available on our website.
On a U.S. GAAP basis, for the first quarter of 2023, NOV reported revenues of $1.96 billion and net income of $126 million or $0.32 per fully diluted share. Our use of the term EBITDA throughout this morning’s call corresponds with the term adjusted EBITDA as defined in our earnings release.
Later in the call, we will host a question-and-answer session. Please limit yourself to one question and one follow-up to permit more participation.
Now let me turn the call over to Clay.
Clay Williams
Thanks, Blake. For the first quarter of 2023, NOV reported revenue of $1.96 billion, down 5% sequentially on seasonality and project timing and up 27% compared to the first quarter of 2022. The company posted fully diluted earnings of $0.32 per share for the first quarter, up $0.45 year-over-year. EBITDA was $195 million or 9.9% of revenue, up $92 million year-over-year.