Energy and industrial product distributor Distribution NOW posted increases in sales, earnings and profits in second-quarter financial results announced Wednesday.
The Houston-based company’s revenue climbed from $539 million in the second quarter of 2022 to $594 million in the latest April-June window. Net income rose from $26 million to $34 million over that span, while operating profit increased from $29 million to $36 million.
Earnings per share rose from $0.23 to $0.31 year-over-year.
NOW Inc. President and CEO David Cherechinsky said the quarter concluded the company’s most profitable first half of a year since it was spun into a publicly traded company in 2014.
“Looking ahead, I am excited about the traction we are making positioning DNOW as a vital energy evolution partner, deploying our full suite of supply chain management services and decarbonization products and technologies,” Cherechinsky said in a statement.
The company said it held $203 million in cash and cash equivalents at the end of the period and total liquidity of about $584 million with zero long-term debt. Cherechinsky noted that the company announced a pair of acquisitions so far this year and would explore additional deals and the continuation of share repurchases.
Distribution NOW came in at no. 14 on ID’s 2022 Big 50.