NOW Inc. (NYSE: DNOW), Houston, reported sales for the third quarter of $326 million, a 56.6% decrease from the same period a year ago. The company reported a loss of $22 million, compared to a profit of $10 million a year ago.
In the third quarter, sales in the U.S. were down 59.8% to $228 million, sales in Canada were down 49.4% to $42 million and international sales were down 44.6% to $56 million.
“We have produced strong gross margins despite the deflationary pull by the market and have extracted historic levels of cost from the business with plans for further cost transformation,” said David Cherechinsky, president and CEO of NOW Inc. “Our working capital discipline has resulted in a record cash balance and we are deploying disruptive technologies to simplify the customer experience, develop new revenue channels and drive efficiencies. We remain debt free with more than a half a billion dollars in total liquidity to continue our investment in technology initiatives, while judiciously pursuing inorganic opportunities that provide the optimal strategic fit.”
Year-to-date sales were $1.3 billion, down 43.8% over the prior-year period. The company reported a loss of $383 million, compared to a profit of $42 million a year ago.