Oil-Gear Maker NOV Cuts Earnings Guidance as Iran War Hikes Costs and Snarls Deliveries

NOV Inc., one of the biggest US makers of oilfield gear, slashed its earnings guidance for the first quarter as the war in the Middle East raises costs and snarls equipment deliveries.

Safety and logistical problems from the conflict dented revenue by about $54 million and adjusted earnings by around $32 million, Chief Executive Officer Jose Bayardo said in a statement Wednesday. The company now expects to report adjusted earnings of $177 million for the first quarter, down from its previous forecast of about $200 million to $225 million.