NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for the third quarter of $1.1 billion, up 12 percent year-over-year. Profit decreased 17.9 percent to $32 million.
"The third quarter of 2014 marked DistributionNOW’s first full quarter as a stand-alone public entity," said NOW President and CEO Robert Workman. "We delivered strong sequential sales growth, emerging from a disruptive second quarter, where we had completed a spinoff, expanded our ERP platform globally and continued the integration process for three large distribution businesses."
Third-quarter sales in the U.S. were $748 million, up 13 percent year-over-year. Sales in Canada were $173 million, up 38 percent, while international sales were down 10 percent to $149 million.
Year-to-date sales were $3.1 billion, down 4.8 percent over the prior-year period. Profit decreased 11.5 percent to $100 million.