NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for the second quarter of $370 million, down 52.3% year-over-year. The company reported a loss of $30 million, compared to a profit of $14 million a year ago.
Second-quarter sales in the U.S. were $260 million, down 57% year-over-year. Sales in Canada were $41 million, down 44.6%. And international sales were $69 million, down 28.9%.
“We are taking decisive measures to achieve structural efficiencies by combining businesses, centralizing support functions, delayering management, consolidating distribution centers and evolving the branch model, while also making significant cost reductions,” said David Cherechinsky, President and CEO of NOW Inc. “We are deploying technology to eliminate repetitive tasks and condense the order to cash process, as well as investing in digital tools to enrich the customer experience. We improved our already stellar balance sheet by expanding our cash position to $269 million and we remained debt free with ample runway on our undrawn credit facility.”
Year-to-date sales were $974 million, down 37.6% over the prior-year period. The company reported a loss of $361 million, compared to a profit of $32 million a year ago.