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Mar 31, 2024
NOW Q1 2024 Earnings Report
DNOW reported first quarter 2024 results.
Key Takeaways
DNOW Inc. reported first quarter 2024 results with revenue of $563 million and net income of $21 million, or $0.19 per diluted share. The company completed the acquisition of Whitco Supply LLC for $185 million and generated strong free cash flow of $80 million towards its full-year target.
Cash provided by operating activities was $81 million for the first quarter of 2024.
Revenue was $563 million for the first quarter of 2024.
Net income attributable to DNOW Inc. was $21 million, or $0.19 per diluted share, for the first quarter of 2024.
Completed acquisition of Whitco Supply LLC for $185 million in cash.
Revenue by Geographic Location
Forward Guidance
DNOW is upgrading its 2024 full-year outlook to now grow revenue in the mid-to-high single digit percentage range, and sequentially expects second quarter revenue to increase ten to fifteen percent, assuming increased market activity.
Positive Outlook
- Upgrading 2024 full-year outlook to grow revenue in the mid-to-high single digit percentage range.
- Expects second quarter revenue to increase ten to fifteen percent sequentially.
- Solid balance sheet
- Expanding diversified customer base
- Proactive approach to seizing value-enhancing acquisition opportunities
Challenges Ahead
- Slow start to the first quarter
- Lower U.S. well completions
- Historically low natural gas prices
- Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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