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Earnings Conference Call
May 3, 2017
8:00 a.m. CST
1 (800) 446-1671 (North America)
1 (847) 413-3362 (Outside North America)
NOW Inc. Reports First Quarter 2017 Results
HOUSTON, TX, May 3, 2017 NOW Inc. (NYSE: DNOW) announced results for the first quarter ended March 31, 2017.
First Quarter 2017 Financial Highlights
|||Revenues were $631 million for the first quarter of 2017, up 17 percent sequentially and 15 percent year over year.|
|||Net loss was $23 million for the first quarter of 2017, versus losses of $71 million in the fourth quarter of 2016 and $63 million a year ago. Non-GAAP net loss excluding other costs was $16 million compared to $31 million in the fourth quarter of 2016 and $38 million a year ago.|
|||Diluted loss per share was $0.21 for the first quarter of 2017 compared to $0.66 in the fourth quarter of last year. Non-GAAP diluted loss per share excluding other costs was $0.15 for the first quarter of 2017 compared to $0.29 in the prior quarter.|
|||Non-GAAP EBITDA excluding other costs for the first quarter of 2017 was a loss of $9 million, or negative 1.4 percent of sales, compared to losses of $31 million in the fourth quarter of 2016 and $51 million in the first quarter of 2016.|
Refer to Supplemental Information in this release for GAAP to Non-GAAP reconciliations.
Robert Workman, President and CEO of NOW Inc., remarked, We are excited that rig count improvements from late last year materialized into tank battery facility construction in the quarter, driving our largest sequential revenue gains since before the downturn. We anticipate continuing momentum from North America rig count additions, offset slightly by normal seasonal Canadian break-up in the second quarter.
Prior to the earnings conference call a presentation titled NOW Inc., First Quarter 2017 Review & Key Takeaways will be available on the Companys 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 300 locations and approximately 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.
Senior Vice President and Chief Financial Officer
The following information was filed by Now Inc. (DNOW) on Wednesday, May 3, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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