NOV Inc. reported a slight increase in revenue for the third quarter of 2024, totaling $2,191 million, compared to $2,185 million in Q3 2023. For the nine months ending September 30, 2024, revenue reached $6,562 million, up from $6,240 million in the same period last year. Gross profit for Q3 2024 was $469 million, marginally higher than $468 million in Q3 2023, while gross profit for the nine-month period increased to $1,517 million from $1,336 million.
Operating profit for Q3 2024 was $194 million, an increase from $183 million in Q3 2023, and for the nine months, it rose to $669 million from $490 million. Net income for Q3 2024 was $130 million, a 14% increase from $108 million in Q3 2023, with net income for the nine months totaling $474 million, compared to $390 million in the prior year. Basic and diluted net income per share for Q3 2024 were both $0.33, up from $0.29 in Q3 2023.
The company’s Energy Products and Services segment generated $1,003 million in revenue for Q3 2024, a decrease of 3% from the previous year, while the Energy Equipment segment saw a 2% increase to $1,219 million. Operating profit for Energy Products and Services fell to $114 million from $145 million, whereas Energy Equipment's operating profit rose to $129 million from $98 million.
Strategically, NOV made two acquisitions totaling $245 million during the nine months ended September 30, 2024, and completed the divestiture of its Pole Products business on April 9, 2024, recording a gain of $131 million. The company also repurchased 4.6 million shares for $80 million in Q3 2024, contributing to a total of 6.6 million shares repurchased for $117 million in the nine-month period.
Cash flow from operating activities for the nine months ended September 30, 2024, was $713 million, a significant improvement from $(234) million in the same period of 2023. The company ended the period with cash and cash equivalents of $985 million, up from $513 million a year earlier.
As of September 30, 2024, NOV maintained a debt-to-capitalization ratio of 23.4%, well below the maximum covenant of 60%, with no outstanding borrowings under its new $1.5 billion revolving credit facility established in September 2024. The effective tax rate for Q3 2024 was 25.3%, down from 30.8% in Q3 2023.
About NOV Inc.
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