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NOV Inc. (NOV) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details NOV's financial performance, reporting a total revenue of $8.87 billion for 2024, an increase of 3.3% from the previous year. The company attributes this growth to improved capital equipment backlog and market share gains.
Operating profit for the year was $876 million, up 34.6% from 2023. This increase was driven by higher margin technologies and operational efficiencies.
Net income attributable to NOV was $635 million, a decrease from $993 million in 2023, which included a significant tax benefit from the release of valuation allowances.
The Energy Products and Services segment generated $4.13 billion in revenue, with a slight increase of 1% compared to 2023. The segment's operating profit was $475 million, down 6.3% from the previous year.
Energy Equipment reported revenues of $4.89 billion, a 4.7% increase from 2023. The segment's operating profit rose significantly to $608 million, a 63.9% increase, due to strong execution on higher margin projects.
The filing also notes that NOV's backlog for capital equipment orders increased to $4.43 billion, reflecting continued demand in international and offshore markets.
NOV's 2024 capital expenditures totaled $351 million, while the company completed several strategic acquisitions and divestitures, including the sale of its Pole Products business.
The company repurchased 14.2 million shares of its common stock in 2024 under its share repurchase program, amounting to $229 million.
NOV continues to focus on developing technologies that enhance energy production efficiencies and reduce environmental impact, positioning itself for long-term growth in both traditional and renewable energy markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NOV Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.