The 2020 Mid-Year Economic Update_long

NOW Inc. Sales Down 4.4% in 2014

Fourth quarter sales decrease 3.4 percent.

NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for 2014 of $4.1 billion, a decrease of 4.4 percent from the previous year. Profit decreased 21.1 percent to $116 million.

Fourth quarter sales were $1 billion, a decrease of 3.4 percent from the same period the previous year. Profit decreased 53 percent to $16 million.

Fourth quarter sales in the U.S. were $679 million, up 0.4 percent year-over-year, while sales in Canada decreased 7.7 percent to $180 million. International sales were down 13.5 percent to $147 million.

“The year started with excitement from our spin-off from National Oilwell Varco and the creation of our own stand-alone publicly traded company,” said Robert Workman, president and CEO. “Simultaneously, we implemented a new ERP system and integrated three very large distribution businesses. While these efforts consumed more resources and time than anticipated, we believe that much of that work is behind us now.”

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