NOW Inc. Nets $473M in 1Q Revenue

The Texas-based supplier also reported that 1Q 2022 net income was $30 million.
Now Inc

Houston-based NOW Inc. (NYSE: DNOW) — a supplier of energy and industrial products and packaged, engineered process and production equipment — reported 2022 first-quarter revenue of $473 million.

The company also said net income for the quarter was $30 million, while non-GAAP net income excluding other costs was $15 million.

Diluted earnings per share was $0.27 and non-GAAP diluted earnings per share excluding other costs was $0.14 for 1Q 2022, the company said.

“I am thrilled to see our execution translate into stellar results again this quarter, outperforming our revenue expectations and driving significantly improved earnings,” said David Cherechinsky, president and CEO of NOW Inc. “Over the past two years, the tremendous actions taken by our talented employees to positively transform the business is remarkable and has profoundly upgraded the trajectory of DNOW.”

Cherechinsky added, “This transformation drove both sequential and year over year EBITDA to revenue incrementals higher than 20 percent. Looking forward, as we further leverage our improved operating efficiencies, assisted by the intentional build of inventory to fully service our customers, we expect this momentum to continue and result in a stronger than expected outlook for 2022.”

Related Posts

About the Author
Recommended Reading
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.

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.