NOV Inc. reported a revenue of $8.87 billion for the fiscal year ending December 31, 2024, marking a 3.3% increase from $8.58 billion in 2023. The company achieved a net income of $635 million, a decrease of 36% from the previous year's $993 million, which had been bolstered by a significant tax asset release. Operating profit rose by 34.6% to $876 million, representing 9.9% of total sales, while Adjusted EBITDA increased by 11% to $1.11 billion, or 12.5% of sales.
The company underwent a strategic restructuring, consolidating its operations into two segments: Energy Equipment and Energy Products and Services, effective January 1, 2024. This change aimed to enhance operational efficiency and streamline reporting. In terms of acquisitions, NOV made three strategic purchases totaling $291 million, enhancing its portfolio in the Energy Products and Services segment. Additionally, the divestiture of its Pole Products business in April 2024 resulted in a $130 million gain, contributing positively to the overall financial performance.
Operationally, NOV's Energy Products and Services segment generated $4.13 billion in revenue, a slight increase from $4.08 billion in 2023, while the Energy Equipment segment reported $4.89 billion, up from $4.67 billion. The company noted a decline in North American revenue due to lower drilling activity, but international sales showed resilience, particularly in offshore markets. The total backlog for capital equipment orders reached $4.43 billion, reflecting a 7% increase from the previous year, indicating strong future revenue potential.
As of December 31, 2024, NOV employed approximately 30,000 individuals across 551 facilities worldwide. The company maintained a robust cash position with $1.23 billion in cash and cash equivalents, alongside total debt of $1.74 billion. The effective tax rate for the year was 23.6%, a significant increase from the negative rate of 60.9% in 2023, reflecting changes in tax liabilities and the realization of deferred tax assets.
Looking ahead, NOV anticipates continued growth in its Energy Equipment segment, driven by increasing demand for offshore products and services. The company remains focused on enhancing operational efficiencies and developing innovative technologies to support the energy transition, including projects related to renewable energy sources. Despite potential market volatility, management believes that the industry is in a prolonged recovery phase, supported by disciplined capital spending and a focus on energy security.
About NOV Inc.
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