DNOW Inc. on Wednesday reported a 6.5% increase in sales during its latest quarter but a decline in profit and earnings compared to the same quarter last year.
The Houston energy and industrial product distributor â no. 14 on IDâs most recent Big 50 â reported $633 million in second-quarter sales, up from $594 million last year.
The companyâs operating profit, however, slipped from $36 million to $33 million over that span, while net income dropped from $34 million to $24 million year-over-year. Diluted earnings came in at $0.21 per share, down from $0.31 in the second quarter of 2023.
DNOW CEO David Cherechinsky praised the companyâs performance amid a âchallenging marketâ â particularly its $50 million in EBITDA during the quarter and its $18 million in free cash flow. He added that DNOWâs $197 million in cash and $579 million in liquidity â with no debt â would allow it to continue to purse âcomplementary, margin accretive acquisitions.â
âWe continue to execute on our strategy to bolster DNOWâs capabilities and expand our core market, while further penetrating into midstream, energy evolution and adjacent industrial markets,â Cherechinsky said in a statement.
