Posted August 4, 2021

NOW Inc. posts 8.1 percent sales gain

NOW Inc. posted revenues of $400 million for the second quarter of 2021, an 8.1 percent increase from $370 million in the same quarter last year.

The Houston-based distributor to energy and industrial markets, reported a net loss of $2 million, or a loss of 2 cents per diluted share for the quarter. That compared to a net loss of $30 million, or a loss of 27 cents per share, in last year's second quarter.

“I am encouraged by the stronger than anticipated performance this quarter, driven by sequential revenue growth of 11 percent and record gross margins, as the impact of our strategy produced gains to both the top and bottom lines. With total liquidity of $528 million and zero debt, we are uniquely positioned to grow organically and capitalize on promising inorganic opportunities," said David Cherechinsky, president and CEO.