Houston, Texas-based NOW Inc., which does business primarily under the Distribution NOW and Wilson Export names, reported its first quarter 2019 financial highlights.
Revenue was $785 million for Q1 2019, up 3% year-over-year. Net income was $18 million for Q1 2019, vs. $2 million a year ago.
Non-GAAP net income excluding other costs was $13 million for the first quarter of 2019 compared to $1 million a year ago. Diluted earnings per share was $0.16 for the first quarter of 2019 compared to $0.02 a year ago. Non-GAAP diluted earnings per share excluding other costs was $0.12 for the first quarter of 2019 compared to $0.01 a year ago. Non-GAAP EBITDA excluding other costs for the first quarter of 2019 was $31 million compared to $16 million a year ago.
Robert Workman, president and CEO of NOW Inc., commented: “We are excited that the organization was able to generate year-over-year and sequential revenue growth, especially considering the slowdown in completions in North America at the end of 2018 and persistent takeaway issues in both the Permian Basin and Canada. Top-line improvements with midstream customers and increased activity with offshore operators and drilling contractors aided in producing these results.
"While land rig activity in North America has declined recently, the shift of budgets to completions, in addition to order bookings for midstream projects and pipeline pumps to be delivered later in the year, may offset some of the headwinds expected in North America.”
NOW Inc. has a network of about 260 locations and 4,500 employees worldwide,