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NOW Inc. Reports First Quarter 2021 Results

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NOW Inc. (NYSE: DNOW) announced results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights

  • Revenue was $361 million for the first quarter of 2021
  • Net loss was $10 million and non-GAAP net loss excluding other costs was $5 million for the first quarter of 2021
  • Diluted loss per share was $0.09 and non-GAAP diluted loss per share excluding other costs was $0.04 for the first quarter of 2021
  • Non-GAAP EBITDA excluding other costs for the first quarter of 2021 was $1 million
  • Cash and cash equivalents was $374 million and long-term debt was zero at March 31, 2021

David Cherechinsky, President and CEO of NOW Inc., added, “We are very pleased with the positive results we achieved this quarter, driven by strong 13% sequential revenue growth. We closed our second acquisition this year in April and remain debt free. Without the heavy cost of debt burden, we have plenty of strategic and balance sheet flexibility with ample liquidity to fund organic growth and to pursue additional acquisition opportunities.

Last year, we committed to achieve break-even EBITDA in the first half of 2021 and achieved our goal a quarter early. I am proud of every one of our employees as their contributions drove such strong results.

We will continue to innovate, focus on both legacy and emerging end-markets, invest in our DigitalNOW® technologies and advance a customer order fulfillment migration to improve our competitiveness as we build a compelling suite of solutions we believe will be unmatched in our industry.”

Prior to the earnings conference call a presentation titled “NOW Inc. First Quarter 2021 Key Takeaways” will be available on the Company’s 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 DNOW brands. Through its network of approximately 195 locations and 2,450 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.

NOW INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except share data)
 

March 31,

 

December 31,

2021

 

2020

 

ASSETS

Current assets:
Cash and cash equivalents

$

374

 

$

387

 

Receivables, net

 

245

 

 

198

 

Inventories, net

 

247

 

 

262

 

Prepaid and other current assets

 

16

 

 

14

 

Total current assets

 

882

 

 

861

 

Property, plant and equipment, net

 

89

 

 

98

 

Deferred income taxes

 

1

 

 

1

 

Goodwill

 

7

 

 

−

 

Other assets

 

47

 

 

48

 

Total assets

$

1,026

 

$

1,008

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable

$

200

 

$

172

 

Accrued liabilities

 

92

 

 

95

 

Other current liabilities

 

6

 

 

5

 

Total current liabilities

 

298

 

 

272

 

Long-term operating lease liabilities

 

22

 

 

25

 

Other long-term liabilities

 

14

 

 

12

 

Total liabilities

 

334

 

 

309

 

Commitments and contingencies
Stockholders' equity:
Preferred stock - par value $0.01; 20 million shares authorized;
no shares issued and outstanding

 

−

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DNOW Inc.

NYSE:DNOW

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About DNOW

distributionnow is one of the largest distributors to the energy and industrial sectors. with ~ 4,500 employees and approximately 300 locations worldwide, we stock and sell a comprehensive offering of products for the upstream, midstream, and downstream & industrial market segments. we offer more than 300,000 stock keeping units, including pipe, valves and valve automation, fittings, instrumentation, mill and industrial supplies, tools, safety supplies, electrical products, drilling and production equipment, artificial lift, pumps, fabricated equipment, industrial paints and coatings. as a defining element of our iso 9001 certified quality management system, our supplier evaluation program is industry-recognized for its focus on ensuring product quality through daily inspections, quarterly enhanced inspections, and supplier quality audits. our approved manufacturers list is one of our most powerful benefits to our customers, some of whom have chosen to adopt it as their own while other