NOW Inc. (NYSE: DNOW), Houston, Texas, a supplier of energy and industrial products and packaged engineered process and production equipment, reported sales for its fiscal 2023 first quarter were $584 million, up 6.8% from the prior-year period.
Net income for the quarter was $32 million, up 6.7% from the prior-year period.
Sales for its U.S. segment totaled $427 million. Sales for its Canada segment totaled $83 million, and International totaled $74 million.
“Our year is off to a nice start, including strong top- and bottom-line performance, with revenue growing 7% sequentially, driving 8% first-quarter EBITDA as a percent of revenue,” said David Cherechinsky, president and CEO of NOW Inc. “We achieved these better-than-expected results despite headwinds related to inclement weather, lower U.S. rig counts and completions, and weaker oil and gas prices during the quarter.