Posted November 5, 2018

NOW Inc. revenues up 18 percent

Revenue at NOW Inc. was $822 million for the third quarter of 2018, up 18 percent year over year.

Net income was $20 million for the quarter, or 18 cents per diluted share, versus a net loss of $9 million, or a loss of 8 cents, a year ago.

“We’re pleased to announce the highest levels of quarterly revenue, operating profit and EBITDA excluding other costs since early 2015, with working capital turns nearing five and positive free cash flow posted again in the third quarter of 2018," said Robert Workman, president and CEO of NOW Inc.

He added that the distributor to energy and industrial markets could see a softer than normal close to the year. "We remain encouraged, however, by the stable land rig count and continued growing inventory of drilled but uncompleted wells, which provide a runway of future work for DNOW and therefore should enable us to achieve higher levels of activity in 2019,” he said.