NOW Inc. Reports Second Quarter 2018 Results
HOUSTON--(BUSINESS WIRE)--Aug 2, 2018--NOW Inc. (NYSE: DNOW) announced results for the second quarter ended June 30, 2018.
Earnings Conference Call August 2, 2018 8:00 a.m. CST 1 (800) 446-1671 (North America) 1 (847) 413-3362 (Outside North America) Webcast: ir.distributionnow.com
Second Quarter 2018 Financial HighlightsRevenue was $777 million for the second quarter of 2018, up 19 percent year over year. Net income was $14 million for the second quarter of 2018, versus a net loss of $17 million a year ago. Non-GAAP net income excluding other costs was $10 million for the second quarter of 2018 compared to a loss of $11 million a year ago. Diluted earnings per share was $0.12 for the second quarter of 2018 compared to a loss per share of $0.16 a year ago. Non-GAAP diluted earnings per share excluding other costs was $0.10 for the second quarter of 2018 compared to a loss per share of $0.10 in the second quarter of 2017. Non-GAAP EBITDA excluding other costs for the second quarter of 2018 was $29 million compared to a loss of $2 million a year ago.
Refer to Supplemental Information in this release for GAAP to non-GAAP reconciliations.
Robert Workman, President and CEO of NOW Inc., added, “I couldn’t be more excited about the results our organization produced in the second quarter. Product margin expansion fueled sequential revenue growth, in what is generally a seasonally softer quarter due to Canadian break-up. This, coupled with our continued focus on efficiencies, drove incrementals of 100% sequentially, as EBITDA excluding other costs grew $13 million, matching revenue growth.”
Prior to the earnings conference call a presentation titled “NOW Inc., Second Quarter 2018 Review & Key Takeaways” will be available on the Company’s Investor Relations website.
About NOW Inc.
NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW Inc. operates primarily under the DistributionNOW and Wilson Export brands. Through its network of approximately 270 locations and 4,500 employees worldwide, NOW Inc. offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. Our locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.
Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by NOW Inc. with the U.S. Securities and Exchange Commission, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
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