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Sep 30, 2023
NOW Q3 2023 Earnings Report
Reported resilient earnings with strong gross margins due to product mix optimization and proactive pipe product line management. Benefited from energy evolution and market-adjacent strategies, particularly U.S. Process Solutions expansion and increased EcoVapor product sales.
Key Takeaways
NOW Inc. reported third-quarter revenue of $588 million and net income of $35 million, or $0.32 per diluted share. Non-GAAP net income was $28 million, or $0.25 per diluted share. The company's earnings proved resilient, producing the best year-to-date earnings since becoming a public company.
Revenue for Q3 2023 was $588 million.
Net income attributable to NOW Inc. was $35 million.
Diluted earnings per share attributable to NOW Inc. stockholders was $0.32.
Cash and cash equivalents totaled $194 million with zero long-term debt.
Revenue by Geographic Location
Forward Guidance
The company anticipates growth in the U.S. market next year as customers reset their budgets and energy evolution projects accelerate, supported by strong oil prices averaging near $80 over the last twelve months.
Positive Outlook
- U.S. market is expected to resume a growth path next year.
- Customers are resetting their budgets.
- Energy evolution projects are accelerating.
- Strong oil prices are averaging near $80 over the last twelve months.
- Focus is on leveraging debt-free balance sheet with $547 million of total liquidity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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