Posted November 1, 2017

DistributionNOW reports smaller loss on higher sales

NOW Inc. reported third-quarter revenue of $697 million was up 34 percent year over year.

The company recorded a net loss was $9 million for the quarter, versus $56 million a year ago. The diluted loss per share of 8 cents compared to a loss of 53 cents per share in the same period last year. 

“I’m pleased with the earnings growth our team produced this quarter. These results reflect our focus on higher product margins, capturing business from new customers and culling costs in areas left behind by the market recovery. Despite weak oil prices in the third quarter and rig counts now softening, we believe consistent execution on improving our core operations, coupled with operators ramping up completions, will enable positive earnings momentum,” said Robert Workman, president and CEO of NOW Inc.