RTTNews | Mar 16, 2021 06:59AM EDT

06:59 Tuesday, March 16, 2021 (RTTNews.com) - Oilfield equipment maker NOV Inc. (NOV) announced that it expects first quarter results below prior guidance due to operational disruptions and softer than-anticipated customer orders.

The company currently expects first quarter revenues to be in the range of $1.20 billion to $1.25 billion . On average, 20 analysts polled by Thomson Reuters expect the company to report revenue of $1.32 billion for the quarter.

Adjusted EBITDA is expected between loss of $15 million to $25 million.

"While the first quarter result is disappointing, we expect the prospects for our business to improve through the remainder of the year. The combination of $60+ oil, the continued recovery in the North American rig count, improvements in international activity, and the emergence of a number of our offshore drilling customers from bankruptcy is expected to lead to meaningfully better results in the second half of the year. In the meantime, we remain focused on reducing operating costs and investing in new products and technologies to position NOV for the upturn," stated Clay Williams, Chairman, President and CEO.

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