Service & Supply | Oilfield Services | Third Quarter (3Q) Update
NOW Inc. Reports Third Quarter 2020 Results
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NOW announced results for the third quarter ended September 30, 2020.
Financial Highlights
- Revenue was $326 million for the third quarter of 2020
- Net loss was $22 million and non-GAAP net loss excluding other costs was $17 million for the third quarter of 2020
- Diluted loss per share was $0.20 and non-GAAP diluted loss per share excluding other costs was $0.16 for the third quarter of 2020
- Non-GAAP EBITDA excluding other costs for the third quarter of 2020 was a loss of $15 million, which includes the unfavorable impact of $9 million in inventory charges
- Cash and cash equivalents was $325 million and long-term debt was zero at September 30, 2020
- Free cash flow for the third quarter of 2020 was $57 million
David Cherechinsky, President and CEO of NOW Inc., added, "I am excited about the momentum building in the execution of our strategy. DNOW's performance reflects our employees' steadfast dedication to provide superior service and value to our customers. We have produced strong gross margins despite the deflationary pull by the market and have extracted historic levels of cost from the business with plans for further cost transformation. Our working capital discipline has resulted in a record cash balance and we are deploying disruptive technologies to simplify the customer experience, develop new revenue channels and drive efficiencies. We remain debt free with more than a half a billion dollars in total liquidity to continue our investment in technology initiatives, while judiciously pursuing inorganic opportunities that provide the optimal strategic fit."
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