NOW Inc. — which does business through its DistributionNOW brand — posted total second-quarter sales of $594 million, up $55 million year-over-year.
In its 2Q 2023 financial results posted on Aug. 2, the Houston-based oilfield products distributor recorded EBITDA, excluding other costs for the quarter, of $47 million or 7.9% of revenue. David Cherechinsky, NOW President and CEO, said in a news release that this was the most profitable first half of the year NOW has had since being a public company.
“In the second quarter we produced strong free cash flow of $79 million, completed two acquisitions and recorded an impressive 22% year-over-year growth in our international segment,” Cherechinsky said.
NOW’s sales growth in the quarter was down from 23.5% in 1Q23.
The company’s 2Q23 operating profit of $36 million topped the $29 million of a year earlier, while net profit of $34 million topped the $26 million of a year earlier.
Diluted earnings per share attributable to NOW stockholders was $0.31 and non-GAAP diluted earnings per share attributable to NOW stockholders excluding other costs was $0.25 for the second quarter of 2023
Related Posts
-
Structural connector and building solution manufacturer Simpson recorded consolidated net sales of $597.6 million, an…
-
K-C Professional posted second-quarter sales of $887 million, an 11% increase year-over-year and 13% organic…
-
The company's 2023 second quarter included one new acquisition and the naming of a new…
