Nov, Inc. (NYSE:NOV) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET
Company Participants
Blake McCarthy - VP, Corporate Development & IR
Clay Williams - Chairman, President & CEO
Jose Bayardo - SVP & CFO
Conference Call Participants
Stephen Gengaro - Stifel, Nicolaus & Company
David Anderson - Barclays Bank
David Smith - Pickering Energy Partners
Arun Jayaram - JPMorgan Chase & Co.
Connor Lynagh - Morgan Stanley
Marc Bianchi - Cowen and Company
Operator
Good day, ladies and gentlemen, and welcome to the NOV Second Quarter 202 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference call is being recorded. I would now like to introduce 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 Second Quarter 2022 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 second quarter of 2022, NOV reported revenues of $1.73 billion, and net income of $69 million.
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. (Operator Instructions) Now let me turn the call over to Clay.
Clay Williams
Thank you, Blake. For the second quarter of 2022, NOV's revenues grew 12% sequentially at 26% leverage, driving EBITDA up to $150 million. Despite continuing supply chain disruptions, our teams were able to improve profitability to an EBITDA margin of 8.7%. Orders once again exceeded revenue out of backlog, yielding a book-to-bill of 117%.
The company posted earnings of $0.18 per share for the second quarter. We were pleased to see further improvement and expect more to come. Although a potential economic recession has pushed oil and gas prices off recent highs, our outlook remains constructive. The world is facing a significant energy shortfall and the oil and gas industry needs to increase activity in order to provide greater energy security to the global economy.