NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for 2015 of $3 billion, a decrease of 26.7 percent from the previous year. The company reported a loss of $502 million, down from a profit $116 million in 2014.
Fourth quarter sales were $644 million, a decrease of 36 percent from the same period the previous year. The company reported a loss of $249 million, down from a profit $16 million in 4Q 2014.
Fourth quarter sales in the U.S. were $433 million, down 36.2 percent year-over-year, while sales in Canada decreased 56 percent to $79 million. International sales were down 10 percent to $132 million.
“During the fourth quarter we continued to see unprecedented declines in drilling activity in North America and abroad," said Robert Workman, president and CEO. "As long as rig count declines and drilled but uncompleted wells accumulate, our performance will be negatively impacted."
