NOW Inc. Sales Down 11% in 2Q

Year-to-date sales down 5.3 percent year-over-year.

NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for the second quarter of $952 million, down 11 percent year-over-year. Profit decreased 18.2 percent to $27 million.

“The second quarter of 2014 marked DistributionNOW’s separation from National Oilwell Varco Inc. and the commencement of our business as a stand-alone entity," said Robert Workman, president and CEO. "Additionally, we have now substantially completed our conversion to a single ERP system."

Second-quarter sales in the U.S. were $662 million, down 11 percent year-over-year. Sales in Canada were $125 million, down 27 percent, while international sales were up 6 percent to $165 million.

Year-to-date sales were $2 billion, down 5.3 percent over the prior-year period. Profit decreased 8.1 percent to $68 million.

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