Posted May 7, 2021

NOW Inc. reports Q1 loss

NOW Inc. posted a net loss of $10 million for the first quarter of 2021, as sales declined by 40.2 percent to $361 million compared to $604 million in the same quarter last year.

In last year's first quarter, the company reported a loss of $331 million.

A loss of 9 cents per diluted share compared to a net loss $3.03 per share in Q1 2020.

Sales improved by 13.2 percent from $319 million in the fourth quarter of 2020.

“We are very pleased with the positive results we achieved this quarter, driven by strong 13 percent sequential revenue growth. We closed our second acquisition this year in April and remain debt free. Without the heavy cost of debt burden, we have plenty of strategic and balance sheet flexibility with ample liquidity to fund organic growth and to pursue additional acquisition opportunities," said David Cherechinsky, president and CEO.