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.”