NOV, Inc. (NYSE:NOV) Q1 2022 Results Conference Call April 29, 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
Ian McPherson - Piper Sandler
Scott Gruber - Citigroup
Arun Jayaram - JPMorgan
Marc Bianchi - Cowen
Operator
Good day, ladies and gentlemen, and welcome to the NOV First Quarter 2022 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 First Quarter 2022 Earnings Conference Call. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, 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 security 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 2022, NOV reported revenues of $1.55 billion and a net loss of $50 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 first quarter of 2022, NOV's revenue of $1.548 billion grew 2% sequentially, and EBITDA increased $34 million to $103 million or 6.7% of revenue.
Year-over-year, revenues were up 24% at 34% leverage, reflecting positive impacts of aggressive cost reductions and some recent pricing recovery, offset by continued inflation and supply chain disruptions. Helped by continued high demand for offshore wind renewables along with rising oil and gas demand, orders were strong across the board as we put up a consolidated book-to-bill of 115% in the first quarter.