NOV Inc. (NYSE:NOV) Q3 2024 Earnings Conference Call October 25, 2024 11:00 AM ET
Company Participants
Amie D'Ambrosio - Director of Investor Relations
Clay Williams - President and Chief Executive Officer
Jose Bayardo - Senior Vice President and Chief Financial Officer
Conference Call Participants
James Rollyson - Raymond James & Associates, Inc.
Marc Bianchi - TD Cowen
Arun Jayaram - JPMorgan Chase & Co.
Neil Mehta - Goldman Sachs Group, Inc.
Kurt Hallead - The Benchmark Company, LLC
Stephen Gengaro - Stifel, Nicolaus & Company, Inc.
Operator
Thank you for standing by. Welcome to NOV Inc's Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder today's program is being recorded.
And now I would like to introduce your host for today's program, Amie D'Ambrosio, Director of Investor Relations. Please go ahead.
Amie D'Ambrosio
Welcome, everyone, to NOV's third quarter 2024 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 third quarter of 2024, NOV reported revenues of $2.19 billion and a net income of $130 million or $0.33 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
Thank you, Amie. Strong execution in the third quarter of 2024 enabled NOV to deliver higher EBITDA and margins both sequentially and year-over-year and cash flow improved significantly compared to the third quarter of 2023 as a result. Rising long-cycle capital equipment revenues helped to offset declines in drill pipe in certain shorter-cycle products and services tied to activity, resulting in consolidated revenues of $2.2 billion. Consolidated revenues improved modestly compared to the third quarter of 2023, but were down about 1% compared to the second quarter of 2024.