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NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for the first quarter of $863 million, down 19.9 percent year-over-year. The company reported a loss of $10 million for the quarter, compared to a profit of $41 million in the prior year quarter.
First quarter sales in the U.S. were $601 million, down 15 percent year-over-year, while sales in Canada decreased 39 percent to $116 million. International sales were down 20 percent to $146 million.
"The first quarter of 2015 was a period of rapid decline in North American rig count, and as a result, the Company’s revenues and product margins were impacted accordingly," said Robert Workman, president and CEO.
In the first quarter, the company also completed the acquisition of UK-based John MacLean & Sons Electrical, a distributor of marine and industrial electrical products, lighting systems and cables. Now Inc. also acquired U.S.-based Machine Tools Supply, a cutting tool and machine shop specialist providing comprehensive inventory management programs.
The company has made seven acquisitions since its spin-off in 2014, adding over 450 employees.