NOW Inc. (NYSE: DNOW), Houston, Texas, reported first quarter sales of $604 million, down 23.1% compared with the first quarter of 2019. The company reported a loss of $331 million for the quarter, compared with a profit of $18 million a year ago.
Dick Alario, Interim CEO of NOW Inc., noted, “The market faces a challenging environment due to steep declines in oil prices, rig counts and worldwide oil demand. Through our financial discipline, we entered this unprecedented period with zero debt, over $200 million in cash and access to ample liquidity under our credit facility. We have accelerated our structural transformation, which includes streamlining our organization and deploying technology to create additional customer value and revenue through our DigitalNOW® investment.
“While the timing of a recovery is uncertain, I am confident DNOW will be a much leaner, transformed company, well-positioned to capitalize on the next market upswing.”