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|Earnings Conference Call|
|February 14, 2018|
|8:00 a.m. CST|
|1 (800) 446-1671 (North America)|
|1 (847) 413-3362 (Outside North America)|
NOW Inc. Reports Fourth Quarter and Full-Year 2017 Results
HOUSTON, TX, February 14, 2018 NOW Inc. (NYSE: DNOW) announced results for the fourth quarter and full-year ended December 31, 2017.
Fourth Quarter 2017 Financial Highlights
|◾||Revenue was $669 million for the fourth quarter of 2017, up 24 percent year over year, and down 4 percent sequentially versus a reduction in billing days of 5 percent.|
|◾||Net loss was $3 million for the fourth quarter of 2017, versus $71 million a year ago. Non-GAAP net income excluding other costs was $1 million compared to a loss of $31 million in the fourth quarter of 2016.|
|◾||Diluted loss per share was $0.03 for the fourth quarter of 2017 compared to $0.66 a year ago. Non-GAAP diluted earnings per share excluding other costs was $0.01 for the fourth quarter of 2017 compared to a loss per share of $0.29 in the fourth quarter of 2016.|
|◾||Non-GAAP EBITDA excluding other costs for the fourth quarter of 2017 was $13 million compared to a loss of $31 million in the fourth quarter of 2016.|
|◾||Included in the fourth quarter of 2017 results, but not characterized as other costs, was a pre-tax gain of $10 million from the sale of a property previously held for sale, consistent with our treatment of similar gains and losses in prior periods.|
Refer to Supplemental Information in this release for GAAP to non-GAAP reconciliations.
Robert Workman, President and CEO of NOW Inc., added, Through the downturn, we emerged a stronger, leaner and more agile organization. The year 2017 was transformative for DNOW in that we added $541 million in revenues, while continuing to lower costs, becoming a business more than 25% larger than it was in 2016. Incrementals were greater than 30%, signifying a solid financial recovery for DNOW and positioning us to capitalize on a growing market in 2018.
Prior to the earnings conference call a presentation titled NOW Inc., Fourth Quarter and Full-Year 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 285 locations and 4,600 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, February 14, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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