Energy and industrial product distributor DNOW on Thursday reported $2.32 billion in 2023 sales, up 9% compared to the Houston-based company’s sales last year.
DNOW’s sales also rose in the final quarter of the year, climbing from $547 million in October through December of 2022 to $555 million in the latest three-month window. The company’s Q4 net income jumped more than four-fold — from $32 million to $147 million — over that span, but its operating profit dropped slightly year-over-year from $35 million to $32 million.
The distributor’s full-year operating profit increased from $131 million in 2022 to $140 million, while net income nearly doubled from $129 million to $248 million. The company’s U.S. Process Solutions division, which includes the Power Service, Odessa Pumps, Flex Flow and EcoVapor businesses, saw “significant” double-digit revenue growth for the full year, officials said.
David Cherechinsky, the company’s president and CEO, said in a statement that he was “excited by our strong fourth quarter finish,” which capped off “another stellar year.” He noted that DNOW’s EBITDA, excluding other costs, of $184 million represented a record for the company since it went public, and that its free cash flow of $171 million more than doubled its original forecast from early 2023. This year, the company hopes to generate another $150 million.
DNOW — which recently announced the acquisition of Louisiana energy product distributor Whitco Supply, as well as a formal corporate name change — came in at no. 14 on ID’s 2023 Big 50 list.
