Posted February 17, 2017

NOW Inc. revenues decline 16.5 percent

NOW Inc. reported fourth quarter revenues of $538 million, down 16.5 percent from $644 million in the same period last year.

The company reported a fourth quarter loss of $71 million, or 66 cents per fully diluted share, compared to a net loss of $249 million, or $2.33 per fully diluted share in the same period of 2015.

Fourth quarter revenues for the United States were $379 million, down 12 percent from the fourth quarter of 2015, or 18 percent when excluding acquisitions.

“As expected, Canadian and International revenues grew sequentially in the fourth quarter. Simultaneously, the average daily billings in the quarter grew ten percent sequentially, allowing the U.S. to beat our expectations of flat revenues for the fourth quarter,” said Robert Workman, president and CEO of NOW Inc.