Exhibit 99.1
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Earnings Conference Call |
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November 2, 2023 |
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8:00 a.m. CT |
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1 (888) 660-6431 (within North America) |
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1 (929) 203-2118 (outside of North America) |
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Access Code: 7372055 |
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Webcast: ir.dnow.com |
NOW Inc. Reports Third Quarter 2023 Results
HOUSTON, TX, November 2, 2023NOW Inc. (NYSE: DNOW) announced results for the third quarter ended September 30, 2023.
Third Quarter 2023 Financial Highlights
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Revenue was $588 million for the third quarter of 2023 |
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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 |
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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 |
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EBITDA excluding other costs for the third quarter of 2023 was $46 million or 7.8% of revenue
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Cash and cash equivalents was $194 million and long-term debt was zero at September 30, 2023 with total
liquidity of approximately $547 million |
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Repurchased $5 million of common stock in the third quarter of 2023 |
David Cherechinsky, President and CEO of DNOW, added, We are excited that our third-quarter earnings proved resilient and produced our best year-to-date earnings since becoming a public company. 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.
Maximizing shareholder value is our top priority. Our focus is on leveraging our debt-free balance sheet with $547 million of total
liquidity, generating higher levels of free cash flow, pursuing margin accretive acquisitions and market share and executing our share repurchase program.
We believe the U.S. market will resume a growth path next year as customers reset their budgets and energy evolution projects accelerate. In an environment of
strong oil prices, which are averaging near $80 over the last twelve months, we see support for growth in 2024.
Prior to the earnings conference
call a presentation titled DNOW Third Quarter 2023 Key Takeaways will be available on the Companys Investor Relations website.
About
NOW Inc.
DNOW is a worldwide supplier of energy and industrial products and packaged, engineered process and production equipment with a legacy of 160
years. Headquartered in Houston, Texas, with approximately 2,475 employees and a network of locations worldwide, we offer a broad set of supply chain solutions combined with a suite of digital solutions branded as DigitalNOW® that provide customers world-class technology for digital commerce, data and information management. Our locations provide products and solutions to exploration and production companies,
midstream transmission and storage companies, refineries, chemical companies, utilities, mining, municipal water, manufacturers, engineering and construction companies as well as companies operating in the decarbonization, energy transition and
renewables end markets.
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.
Contact:
Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754