NOV Earnings: Long-Run Prospects Look Solid Despite Near-Term Supply Chain Disruptions

NOV's first-quarter revenue reflected typical seasonal declines in oil and gas production activity against an overall strengthening market. Total revenue approached $2 billion, increasing 27% year over year but declining 5% sequentially. Profitability demonstrated a similar outcome, expanding over 300 basis points year over year and contracting 100 basis points quarter over quarter. We'll incorporate the firm's full financial and operating results shortly, but for now, we maintain our no-moat rating and $23 fair value estimate.