Oilfield equipment expert NOV Inc. warned Tuesday that fourth quarter earnings would be below guidance as stronger North American activity levels were not enough to overcome a softer international market.

NOV logo

On a consolidated basis, NOV expects to report quarterly revenue of $1.33 billion and an operating loss of $327 million. 

“While rising North American activity levels drove higher revenues in the U.S. for our 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,” said CEO Clay Williams.

“The resurgence of Covid-19 caused customers to defer orders and resulted in a slower pace of bookings in the second half of the...