DNOW Inc. (NYSE: DNOW), Houston, Texas, energy and industrial products, packaged, engineered process and production equipment supplier, reported sales for its fiscal 2024 first quarter ended March 31, 2024, were $563 million, down 3.5% from $584 million from prior-year period.
Don’t miss any content from Distribution Strategy Group. Join our list.
Profit for the quarter was $21 million, down from $32 million a year ago.
“Despite the slow start to the first quarter, evidenced by lower U.S. well completions and historically low natural gas prices, we are encouraged by our prospects for the remainder of the year and are upgrading our 2024 full-year outlook to now grow revenue in the mid-to-high single digit percentage range, and sequentially we expect second–quarter revenue to increase 10% to 15%, assuming increased market activity,” David Cherechinsky, president and CEO of DNOW, said.
