National Oilwell Varco Expects Q4 Adj. Results To Be At Or Above Prior View

(RTTNews) - National Oilwell Varco Inc. (NOV) said that it expects consolidated results, excluding the impact of other items, for the fourth quarter of 2017 to be at or above prior expectations.

The company anticipates Rig Technologies will exceed prior guidance, Wellbore Technologies will be in-line with expectations, and Completion and Production Solutions will fall short of guidance. The shortfall in Completion and Production Solutions is due primarily to engineering challenges and delivery delays associated with a new product introduction in its Subsea Flexible Pipe business and softer than anticipated orders in its Process and Flow Technologies business.

The company anticipates it will recognize between $120 and $140 million in pre-tax restructuring charges, including facility closures, severance and inventory write-downs, and other charges during the fourth quarter of 2017.

National Oilwell Varco said that it combined its Rig Systems and Rig Aftermarket reporting segments into a single segment called Rig Technologies during the fourth quarter of 2017. The company will report fourth quarter and full-year results in the new format on February 5, 2018.