NOW Inc. 3Q Revenue Reaches $577 million - Modern Distribution Management

NOW Inc. 3Q Revenue Reaches $577 million

Net income attributable to NOW Inc. was $40 million for 2022's third quarter, the company said in an announcement.
Now Inc

Houston-based NOW Inc. — a supplier of energy and industrial products and packaged, engineered process and production equipment — reported $577 million in revenue for 2022’s third quarter.

Third-quarter net income attributable to NOW Inc. was $40 million, and non-GAAP net income attributable to NOW Inc., excluding other costs, was $34 million, the company said.

Now Inc. ranks 4th on MDM’s 2022 list of Top Industrial PVF Distributors and 20th on the list of Top Industrial Distributors.

Diluted earnings per share attributable to NOW Inc. stockholders was $0.35, and non-GAAP diluted earnings per share attributable to NOW Inc. stockholders excluding other costs was $0.30 for 3Q 2022. Non-GAAP EBITDA, excluding other costs, for 3Q was $53 million, or 9.2% of revenue, NOW Inc. said.

“The advancement of our strategic transformation continued into the third quarter as EBITDA as a percent of revenues reached 9.2% for the first time on expanded revenue and gross margins, across a more efficient fulfillment model,” said David Cherechinsky, President and CEO of NOW Inc. “We generated $44 million in free cash flow in the quarter, while continuing to invest materially in people, inventory, facility and network enhancements.”

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