Posted May 9, 2022

NOW Inc. revenue soars 31 percent

NOW Inc. reported revenue of $473 million for the first quarter of 2022, a 31 percent increase from $361 million in the same period last year.

Net income of $30 million, or 27 cents per diluted share, compared to a loss of $10 million, or a loss of 9 cents per share, in last year's first quarter. 

“I am thrilled to see our execution translate into stellar results again this quarter, outperforming our revenue expectations and driving significantly improved earnings. Over the past two years, the tremendous actions taken by our talented employees to positively transform the business is remarkable and has profoundly upgraded the trajectory of DNOW," said David Cherechinsky, president and CEO. "“This transformation drove both sequential and year over year EBITDA to revenue incrementals higher than 20 percent. Looking forward, as we further leverage our improved operating efficiencies, assisted by the intentional build of inventory to fully service our customers, we expect this momentum to continue and result in a stronger than expected outlook for 2022.”