I can just imagine what the Chief Elfecutive and his right hand man are discussing right now. Probably something like:
"Well jefe, looks like another negative EBITDA quarter for us, do you think people are catching on that we completely s**ck at this?".
"No Pepito, I think we are still good. Just remember...the inevitable upturn is on the "verge" of a huge comeback".
"Well said boss....lets keep distracting as another no-profit quarter ends under our helm".
"Yup, are we still on for a couple of X-Box video games later, I'm gonna getcha this time?"
"Oh yes sir, wouldn't miss it, chat with you then"
11 replies (most recent on top)
What a complete and utter load of tosh you would have to be completely naieve to believe the survival of an American major depends on quaterly results the only thing keeping this joke on life support is Q.E. thanks to the FED
That’s correct. The company has not made an annual profit since 2014. Ironically the same year Pete Miller left and turned it over to the current CEO. For the most part he put in his own people to run key business units such as Rig. Unfortunately, he and all those Presidents (especially Rogain) have turned this company to trash. What’s even funnier/worse than the initial post is shareholders continue to support these losers. What a shame.
Backlogs are simply vanity but the issue with a large backlog is that it’s normally due to our inability to deliver in a short lead time, the net result of a large backlog is often dissatisfied customers who end up switching suppliers to ones who can deliver on time. This problem has existed for at least the last 10 years and won’t change anytime soon.
From all your competitors, on behalf of us all, I would like to thank NOV for their help in growing our business. By the way, most of us are hiring so any good guys left at NOV, form an orderly line and come join a good company who’s going places
What are profits? I thought the goal of a successful company was to create backlogs? I mean yeah we're losing money every quarter but we're growing backlogs!
NOV has not reported a profit since 2014! Someone chime in if I am wrong.
From what I’ve seen, profits haven’t been priority, just large backlogs.
Backlogs might be rising, but at what prices?? Profits will continue to disappoint through 2022. Too much idle equipment out there, geothermal/renewables will not have the same willingness to pay as O&G E&P. Producers will return to profit much sooner than equipment manufacturers.
D-mb & D-mber leading the way. What an embarrassment we have become. Seven years of this worthless CEO & yet he’s still around…Why!?!
Who honestly gives a fu-k about q2 results as long as the FED keep in printing money to keep all those lunatics off the streets yeee haaaaa
There is an increase in backlogs in multiple business units. They’ll hire more staff to get through the backlogs then set up another round of cuts. Too predictable
Funny and sad. Definitely fearing the 2nd quarter financials. You think it is not possible to be worse than 1st quarter...but unfortunately, it is possible. Hope it doesn’t result in another round of VERPS and layoffs. We are already on a skeleton crew