NOW Inc. Reports Results for First Quarter 2018
HOUSTON--(BUSINESS WIRE)--May 2, 2018 – NOW Inc. (NYSE: DNOW) announced results for the first quarter ended March 31, 2018.
Earnings Conference Call
May 2, 2018
8:00 a.m. CST
1 (800) 446-1671 (North America)
1 (847) 413-3362 (Outside North America)
First Quarter 2018 Financial Highlights
- Revenue was $764 million for the first quarter of 2018, up 21 percent year over year and up 14 percent sequentially.
- Net income was $2 million for the first quarter of 2018, versus a net loss of $23 million a year ago. Non-GAAP net income excluding other costs was $1 million compared to a loss of $16 million in the first quarter of 2017.
- Diluted earnings per share was $0.02 for the first quarter of 2018 compared to a loss per share of $0.21 a year ago. Non-GAAP diluted earnings per share excluding other costs was $0.01 for the first quarter of 2018 compared to a loss per share of $0.15 in the first quarter of 2017.
- Non-GAAP EBITDA excluding other costs for the first quarter of 2018 was $16 million compared to a loss of $9 million in the first quarter of 2017.
- A $10 million pre-tax gain from the sale of property was included in the fourth quarter of 2017 results.
Refer to Supplemental Information in this release for GAAP to non-GAAP reconciliations.
Robert Workman, President and CEO of NOW Inc., added, "The impressive results produced in the first quarter signal a great start to 2018. We are focused on strategically growing the business by targeting more lucrative opportunities and continuing to deepen our relationships with customers, while minimizing operating expenses, to deliver value to our shareholders as the market expands."
Prior to the earnings conference call a presentation titled "NOW Inc., First 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 275 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.
View the source version – which includes consolidated balance sheets, consolidated statements of operations, supplemental information, net income, and diluted earnings – on businesswire.com: https://www.businesswire.com/news/home/20180502005384/en/
Source: NOW Inc.
David Cherechinsky, (281) 823-4722
Senior Vice President and Chief Financial Officer