NOW's President and CEO said the distributor had the most profitable first half of the year since being a public company.
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For all of 2022, the company reported $2.13 billion in revenue, according to NOW Inc.'s 4Q 2022 earnings announcement.
Net income attributable to NOW Inc. was $40 million for 2022's third quarter, the company said in an announcement.
New markets and overhauled operations are producing major dividends at leading distributors DXP Enterprises, NOW Inc. and MRC Global.
Major distributors and manufacturers continue to raise their full-year outlook after better-than-expected 2Q results and persistent demand.
Despite impressive first-quarter sales and profit numbers for major distributors, stakeholders may still notice a hint of caution in the air as the calendar turns to summer. Download MDM's May 2022 Premium Monthly issue to read more.
Impressive sales and profits for MRC Global, DNOW and DXP Enterprises are nearly back to or already exceed their pre-pandemic levels.
The Texas-based supplier also reported that 1Q 2022 net income was $30 million.
Reed’s term on NOW Inc.'s board of directors will expire at the company's annual stockholders’ meeting next year.
NOW Inc. also narrowed its loss in the period, signaling a rebound for the industrial distributor, which had been hit especially hard by the pandemic.
NOW Inc., which reported a loss of $10 million for the quarter, saw sales sink 40.2% in 1Q.
Deal bolsters NOW Inc.’s “existing product offering with the addition of [Flex Flow’s] rental product solution.”
Distributor acquires Flex Flow from GR Energy Services Holdings LP, a portfolio company of the private equity firm Pine Brook Partners.
NOW Inc., which reported a loss of $427 million for the year, also saw revenue sink 45.1% in in 2020.
NOW Inc., which reported a loss of $22 million for the quarter and a loss of $383 million for the first nine months of 2020, saw sales sink more than 50% in 3Q.
Dick Alario will continue to serve as a director of the company.
NOW Inc., which reported a loss of $30 million for the quarter and a loss of $361 million for the first six months of 2020, is enacting cost-reduction measures.
The company reported a loss of $331 million for the quarter, compared with a profit of $18 million a year ago.
For the first nine months, sales were reported at $2.3 billion, down 2.2% from the same period in 2018.
Dick Alario takes over as interim CEO, replacing Robert Workman, effective immediately.
