NOW Inc. Reports First Quarter 2022 Results

Source: www.gulfoilandgas.com 5/5/2022, Location: North America

NOW Inc. announced results for the first quarter ended March 31, 2022.

First Quarter 2022 Financial Highlights
- Revenue was $473 million for the first quarter of 2022
- Net income was $30 million and non-GAAP net income excluding other costs was $15 million for the first quarter of 2022
- Diluted earnings per share was $0.27 and non-GAAP diluted earnings per share excluding other costs was $0.14 for the first quarter of 2022
- Non-GAAP EBITDA excluding other costs for the first quarter of 2022 was $28 million or 5.9 percent of revenue
- Cash and cash equivalents was $293 million and long-term debt was zero at March 31, 2022
- Raising guidance for full-year 2022 revenue to now increase 20 percent with EBITDA to revenue incrementals approximating 20 percent, compared to full-year 2021

David Cherechinsky, President and CEO of NOW Inc., added, “I am thrilled to see our execution translate into stellar results again this quarter, outperforming our revenue expectations and driving significantly improved earnings. Over the past two years, the tremendous actions taken by our talented employees to positively transform the business is remarkable and has profoundly upgraded the trajectory of DNOW.

“This transformation drove both sequential and year over year EBITDA to revenue incrementals higher than 20 percent. Looking forward, as we further leverage our improved operating efficiencies, assisted by the intentional build of inventory to fully service our customers, we expect this momentum to continue and result in a stronger than expected outlook for 2022.”


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