NOW Inc. Reports Third Quarter 2023 Results

HOUSTON--(BUSINESS WIRE)--Nov. 2, 2023-- NOW Inc. (NYSE: DNOW) announced results for the third quarter ended September 30, 2023.

Third Quarter 2023 Financial Highlights

• Revenue was $588 million for the third quarter of 2023
• Net income attributable to NOW Inc. was $35 million and non-GAAP net income attributable to NOW Inc. excluding other costs was $28 million for the third quarter of 2023
• Diluted earnings per share attributable to NOW Inc. stockholders was $0.32 and non-GAAP diluted earnings per share attributable to NOW Inc. stockholders excluding other costs was $0.25 for the third quarter of 2023
• EBITDA excluding other costs for the third quarter of 2023 was $46 million or 7.8% of revenue
• Cash and cash equivalents was $194 million and long-term debt was zero at September 30, 2023 with total liquidity of approximately $547 million
• Repurchased $5 million of common stock in the third quarter of 2023

David Cherechinsky, President and CEO of DNOW, expressed his enthusiasm over the quarter's performance. He also highlighted the company’s strategic direction, noting significant expansion in U.S. Process Solutions, boosted by demand for fluid handling equipment, and increased sales in products used in renewable natural gas decarbonization projects.

For a detailed review, stakeholders are invited to access the “DNOW Third Quarter 2023 Key Takeaways” presentation on the Company’s Investor Relations website.

View the full press release on our investor website: https://ir.dnow.com/news-releases/news-release-details/now-inc-reports-third-quarter-2023-results.