NOV Earnings: International Markets Remain Key Driver Amid a Slow North America Market
NOV delivered solid 2024 first-quarter results as international markets outweighed a tepid North America business, a trend we expect to continue through 2024. Yet, both revenue and EBITDA figures came in significantly higher year over year, with revenue up 11% while EBITDA grew nearly 24%. After incorporating the quarterly results, we maintain our $22 fair value estimate and no-moat rating.