DNOW reports strong finish to '24
DNOW Inc. – a Houston-based supplier of energy and industrial products and packaged, engineered process and production equipment – reported revenue was $571 million for the fourth quarter of 2024 and $2,373 million for the full-year 2024.
The company announced it completed acquisition of Trojan Rentals, LLC in the fourth quarter of 2024, for $114 million in cash, enhancing its pump rental offering and industrial automation capabilities in the water transfer and management space.
Net income attributable to DNOW Inc. was $23 million, or $0.21 per diluted share, for the fourth quarter of 2024 and $81 million, or $0.74 per diluted share, for the full-year 2024.
“I am proud of the strong results we achieved in 2024, accentuated by $289 million in free cash flow, nearly twice our projections from last February," said President and CEO David Cherechinsky. "I am also pleased that fourth quarter EBITDA was markedly higher than expectations, at $45 million, or 7.9% of revenue, thanks to expanded gross margins and implemented cost control initiatives.
"The recently announced $160 million share repurchase authorization, which is double in size from our previous program, demonstrates confidence in the strength of our business," he continued. "This substantial increase signals our strong conviction in DNOW's cash generation capabilities and future earnings potential. Our commitment to maintain an acquisition focus alongside share buybacks provides multiple avenues for shareholder value creation.
"I am honored to represent the talented women and men of DNOW who work creatively and enthusiastically to win in the market. Your determination and dedication give me great confidence in our bright future as we lay the groundwork for a successful 2025, a year that could mark the fifth consecutive year of growth for DNOW.”
Prior to the earnings conference call a presentation titled “DNOW Fourth Quarter and Full-Year 2024 Key Takeaways” will be available on the Company’s Investor Relations website.
DNOW is a with a legacy of over 160 years.
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