Seriously...it’s time for this CEO and his minions to step down. Nearly a quarter billion loss in the 3rd qtr. The company has not made an annual profit since 2014 or since Napoleon took over. A LOT more restructuring to come.
https://m.chron.com/business/energy/article/Losses-continue-to-mount-for-National-Oilwell-14569410.php
If NOV want t turn things around then first get rid of the hangers on, the top down should be a good start and carry on to VP level. Some of the VP's are only in place because of who they know, also known as KSB's (work it out). In reality they are simply looking for their next move. How can a non engineer head up engineering for a few years, ask yourself, what is his legacy, you should judge the so called leadership team (VP's) by what they have achieved in their roles, as regards engineering, there's nothing to see apart from cost cutting and delayed product launches which has cost us business and now they head up sales!
Competitors were previously respectful of NOV (Moyno), now they just take all the good guys whilst the leadership team take their salaries and shares, the business is only going one way....down
In a statement, CEO Clay Williams described the quarter as the "strongest cash flow quarter in more than three years." Clay, investors want cash flowing in not out. Maybe you are the problem!
SLB ended with net income of -11.3B for Q3, and has cut 10% of its employees. HAL Q3 revenue was the lowest since Q3 2017. WFT is in bankruptcy. Several other companies are bordering on insolvency. Nearly everyone is struggling.
Go back when there was stock buyback, then look at who traded within NOV. then have a read aid the article. Make your own conclusion
https://www.theatlantic.com/magazine/archive/2019/08/the-stock-buyback-swindle/592774/
Yea still waiting on that famous "Inevitable Upturn" LOL
They think by blaming the industry constantly they can keep getting away with such poor performance in not only the company as a whole but especially them as the so called "Leadership Team"....
Conroe screens dept. is closing it’s doors at the end of the year.
Multiple customer returns = no money being made.
Time to cut losses and move on.
What's funny is every quarter there is this quote "The company blames the loss on" and then you insert some random thing. At what point do the board of directors get tired of hearing 2 or 3 years worth of excuses?
Do you think my pay increase and bonus came cheap haaaaa!!!!!