NOW Inc. 4Q revenues fall 51.6 percent
NOW Inc. reported a loss of $44 million in the fourth quarter of 2020 on sales of $319 million.
The fourth-quarter revenue represented a 51.6 percent decline from $639 million in the fourth quarter of 2019.
The company reported a loss of $139 million in last year's fourth quarter.
For the full year, sales of of $1.6 billion declined 45.1 percent from $2.9 billion in 2019. A net loss of $427 million for the year compared to a loss of $97 million in 2019.
“I am very pleased about our stronger than expected fourth quarter and thrilled about emerging from the lowest points in the market downturn with a great deal of flexibility in how we shape our company and expand on our success in the future," said David Cherechinsky, president and CEO of NOW Inc.
Cherechinsky told investment analysts that the company continues to invest in expanding its DigitalNOW offering designed to improve the customer experience, drive increased revenue and reduce transaction and fulfillment costs.
"On Friday, we successfully tucked our first acquisition of 2021 into U.S. Process Solutions," he added. "The acquired business is a small but strategic engineering and construction company based in Odessa, Texas. We are excited to leverage and expand on their 20 years of experience, providing EPC services to handle gathering systems for new field, upgrading or debottlenecking of existing transportation lines in facilities as well as other services in the upper midstream."
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