The 2020 Mid-Year Economic Update_long

NOW Inc. Sales Down 21.2% in 2Q

Company reports loss of $19 million for the quarter.

NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for the second quarter of $750 million, down 21.2 percent year-over-year. The company reported a loss of $19 million, compared to a profit of $27 million a year ago.

"It’s been a challenging first half of the year across the industry," said Robert Workman, president and CEO. "Even though market conditions remain difficult during the second quarter of 2015, we did see some exciting things in our business, including, on the M&A front, the acquisition of a European-based company, building on the company’s product line growth strategies in electrical products. We continued the integration of our previously announced acquisitions and have started to realize benefits to both our revenues and margins."

Second-quarter sales in the U.S. were $496 million, down 25 percent year-over-year. Sales in Canada were $89 million, down 29 percent, while international sales were flat at $165 million.

Year-to-date sales were $1.6 billion, down 20.5 percent over the prior-year period. The company reported a loss of $29 million, compared to a profit of $68 million a year ago.

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