The company’s 1.9% YoY growth in the third quarter was a significant slowdown from 2Q’s 10.2% growth.
NOW Inc. — which does business through its DistributionNOW brand — on Nov. 2 reported 2023 third quarter earnings, including $588 million in revenue. Sales growth for 3Q was 1.9%, a notable drop from 2Q, when sales growth was 10.2%.
Net income attributable to NOW Inc. was $35 million during 3Q. EBITDA excluding other costs for 3Q was $46 million, or 7.8% of revenue.
“We are excited that our third-quarter earnings proved resilient and produced our best year-to-date earnings since becoming a public company,” said David Cherechinsky, President and CEO. “Our gross margins remain strong as we optimize product mix and proactively manage our pipe product lines. We are realizing the benefits of our energy evolution and market-adjacent strategies, as U.S. Process Solutions expanded, aided by demand for fluid handling equipment, and increased EcoVapor product sales used in renewable natural gas decarbonization projects.”
On MDM’s 2023 Top Distributors Lists, Now Inc. was No. 19 for industrial distributors, No. 4 for PVF distributors and No. 18 for MRO distributors.
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Mark Powell
Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
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