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NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for the first quarter of $548 million, down 36.5 percent year-over-year. The company reported a loss of $63 million for the quarter, compared to a loss of $10 million in the prior-year quarter.
For the first quarter year over year, U.S. sales decreased 40.6 percent to $357 million, Canada sales decreased 45.7 percent to $63 million and international sales decreased 12.3 percent to $128 million.
“Market conditions entering 2016 remain difficult, as reflected in the continuing decline in North American rig count," said Robert Workman, president and CEO. "In the current environment, we continue to focus on the fundamentals of our business: maximizing cash generation by improving collections, monetizing inventory, curbing excess costs and integrating recent acquisitions, while working to enhance our services and solutions for our existing and prospective customers."