DNOW Inc. on Wednesday posted increases in sales, profit and earnings for a first quarter that officials said exceeded company expectations.
The Houston-based industrial and oil and gas distributor also disclosed its recent acquisition of an electrical supplier in Singapore.
The company — no. 14 on ID's 2024 Big 50 — reported $599 million in quarterly revenue, up from $563 million in the first quarter of 2024. Net income climbed from $21 million to $23 million over that span, while operating profit also rose year-over-year from $28 million to $30 million.
DNOW President and CEO David Cherechinsky added that the company’s EBITDA of $46 million was its second-best for a Q1 in its history despite “a market with fewer operating rigs and completions.”
Cherechinsky said that the company aims to build on “a great start to the year” despite an unpredictable environment.
“While future market conditions are difficult to predict, given uncertainties stemming from the decline in oil prices and tariff-induced trade disruptions, we believe we are well positioned to seize organic, adjacent and inorganic growth opportunities, pursuing more efficient and cost-effective ways to execute operationally,” Cherechinsky said in a statement.
DNOW’s earnings release also revealed the April acquisition of Natron International, a “small” but “important” purchase that would bolster its electrical supply operations in the Asia Pacific region under the MacLean International brand.
DNOW said it has repurchased $16 million of its common stock so far this year under a $160 million share repurchase program announced in January.
