The 2020 Mid-Year Economic Update_long

NOW Inc. Sales Down 29.6% in 3Q

Year-to-date sales down 31 percent year-over-year.

NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for the third quarter of $753 million, down 29.6 percent year-over-year. The company reported a loss of $224 million, compared to a profit of $32 million the prior year.

Third-quarter sales in the U.S. were $497 million, down 34 percent year-over-year. Sales in Canada were down 46 percent to $94 million, while international sales were up 9 percent to $162 million.

"During the third quarter, we continued to see contraction in the market with unrelenting land rig count declines in the United States, a tepid emergence from seasonal break-up in Canada and continued stacking and scrapping of deep-water offshore rigs globally," said President and CEO Robert Workman.

Year-to-date sales were $2.4 billion, down 31 percent year-over-year. The company reported a loss of $253 million for the period, compared to a profit of $100 million the prior year.

During the quarter the company also completed two acquisitions, Odessa Pumps and Equipment in the United States, and a supplier of valves and actuators in Canada. 

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.