NOW Inc. Sales Improve 8.1% in 2Q - Modern Distribution Management

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NOW Inc. Sales Improve 8.1% in 2Q

NOW Inc. also narrowed its loss in the period, signaling a rebound for the industrial distributor, which had been hit especially hard by the pandemic.
NOW Inc.

NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for the second quarter of $400 million, up 8.1% year-over-year. The company narrowed its loss in the quarter, to $2 million from $30 million a year ago.

Second-quarter sales in the U.S. were $296 million, up 13.8% year-over-year. Sales in Canada were $51 million, up 24.4%. And international sales were $53 million, down 23.2%.

“I am encouraged by the stronger than anticipated performance this quarter, driven by sequential revenue growth of 11% and record gross margins, as the impact of our strategy produced gains to both the top and bottom lines,” said David Cherechinsky, president and CEO of NOW Inc. “With total liquidity of $528 million and zero debt, we are uniquely positioned to grow organically and capitalize on promising inorganic opportunities.”

The company posted a nice quarter but is still struggling to catch up with some tough sledding during the pandemic. Year-to-date sales were $761 million, down 21.9% over the prior-year period. The company again narrowed its loss, to $12 million from %361 million a year ago.

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