Energy and industrial equipment supplier NOW Inc. reported sharply higher revenue and a return to profitability in its latest first-quarter financial disclosure.
The Houston company’s revenue jumped from $361 million in the first quarter of 2021 to $473 million in the latest January-March window, while operating profit reached $23 million after the company reported an $8 million loss in last year’s opening quarter.
Net income was $30 million, up from a $10 million loss in the previous first quarter, and the company reported earnings per share of $0.27, up from a loss of $0.09 per share.
Company executives said the results outperformed their revenue expectations, and that they believed the momentum would continue and “result in a stronger-than-expected outlook for 2022.”
“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 [NOW],” President and CEO David Cherechinsky said in a statement. “This transformation drove both sequential and year over year EBITDA to revenue incrementals higher than 20%.”