On August 2, 2023, NOW Inc. (NYSE: DNOW) announced results for the second quarter ending on June 30, 2023.
Earnings Conference Call
August 2, 2023
8:00 a.m. CT
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Second Quarter 2023 Financial Highlights
- Revenue was $594 million for the second quarter of 2023
- Net income attributable to NOW Inc. was $34 million and non-GAAP net income attributable to NOW Inc. excluding other costs was $27 million for the second quarter of 2023
- Diluted earnings per share attributable to NOW Inc. stockholders was $0.31 and non-GAAP diluted earnings per share attributable to NOW Inc. stockholders excluding other costs was $0.25 for the second quarter of 2023
- EBITDA excluding other costs for the second quarter of 2023 was $47 million or 7.9% of revenue
- Free cash flow for the second quarter of 2023 was $79 million
- Cash and cash equivalents was $203 million and long-term debt was zero at June 30, 2023 with total liquidity of approximately $584 million
- As announced in May, we completed two acquisitions for $33 million in cash, expanding our manufacturer territorial exclusivities for key products
- Repurchased $8 million of common stock in the second quarter of 2023
David Cherechinsky, President and CEO of NOW Inc., added, “I am proud of our DNOW team as strong performance continued in the second quarter, generating $47 million in EBITDA and resulting in our most profitable first half of a year since being a public company. In the second quarter we produced strong free cash flow of $79 million, completed two acquisitions and recorded an impressive 22% year-over-year growth in our international segment.
Looking ahead, I am excited about the traction we are making positioning DNOW as a vital energy evolution partner, deploying our full suite of supply chain management services and decarbonization products and technologies, including our EcoVapor offering, to provide our customers the innovative emissions management solutions necessary to achieve their sustainability goals.
We are focused on executing our strategy and creating shareholder value by growing market share, leveraging our debt-free balance sheet with $584 million of total liquidity, pursuing margin accretive acquisitions and continuing our share repurchase program.”
Prior to the earnings conference call a presentation titled “NOW Inc. Second Quarter 2023 Key Takeaways” will be available on the Company’s Investor Relations website.
To learn more about NOW Inc.'s second-quarter results and key takeaways, visit our Investor Relations website.
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