NOW Inc. (NYSE: DNOW), Houston, reported sales for the first quarter of $361 million, a 40.2% decrease from the same period a year ago. The company reported a loss of $10 million, compared to a loss of $331 million in the year-ago quarter.
In the first quarter, sales in the U.S. were down 42.9% to $252 million, sales in Canada were down 25.6% to $58 million and international sales were down 40% to $51 million.
“We are very pleased with the positive results we achieved this quarter, driven by strong 13% sequential revenue growth,” said David Cherechinsky, president and CEO of NOW Inc. “We closed our second acquisition this year in April and remain debt free. Without the heavy cost of debt burden, we have plenty of strategic and balance sheet flexibility with ample liquidity to fund organic growth and to pursue additional acquisition opportunities.”