RTTNews | Jan 19, 2021 07:07AM EST

07:07 Tuesday, January 19, 2021 (RTTNews.com) - NOV Inc. (NOV) announced Tuesday that it expects fourth quarter 2020 revenue and earnings to be below prior guidance.

On a consolidated basis, the Company expects to report revenues of $1.33 billion, operating loss of $327 million and adjusted EBITDA of $17 million.

On average, 19 analysts polled by Thomson Reuters expect the company to report revenues $1.36 billion for the quarter.

The company said while rising North American activity levels drove higher revenues in the U.S. for its shorter-cycle businesses, international markets and demand for capital equipment remained soft through year-end, which led to fourth quarter results that were below our expectations for our three segments

The company said it is optimistic that improving commodity prices, rising activity, and the actions taken by it position NOV for the future will result in improved profitability over the course of 2021. It expects continued softness in its first quarter 2021 results.

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