DNOW Inc. on Thursday posted $1.34 billion in third-quarter revenue and highlighted “solid growth” across its downstream, industrial and midstream businesses.
The Houston pump and PVF distributor — no. 11 on ID’s newest Big 50 List — more than doubled its revenue total from the previous third quarter, which was its final full quarter before its acquisition of fellow Big 50 company MRC Global.
DNOW reported $265 million in gross profit in the latest quarter, as well as operating profit of $33 million and net income of $26 million; the company had posted net losses in its first two full quarters following the MRC deal.
DNOW President and CEO David Cherechinsky said that the results reflected “broad-based strength across the company,” particularly an adjusted EBITDA total that more than doubled its first-quarter numbers and the highest quarterly revenue in its gas utilities business in three years.
The company also said that it repurchased $17 million of its common stock in the third quarter. It has repurchased $92 million of stock through the first three quarters of the year under a $160 million share repurchase program.
“With an even stronger balance sheet, improving end-market fundamentals and positive outlook across our business, we believe we are well-positioned to continue gaining share, expanding profitability and creating long-term value for our customers, employees and shareholders,” Cherechinsky said in a statement.
