DNOW Moves Forward With Half the Revenue and 43% Fewer Emplo

DNOW Moves Forward With Half the Revenue and 43% Fewer Employees it Had a Year Ago


DNOW Moves Forward With Half the Revenue and 43% Fewer Employees it Had a Year Ago
Sequential sales were still down slightly in Q4, but the transformed and debt-less distributor eyes improvement in Q1.
Feb 17th, 2021
Oilfield products distributor and energy services provider NOW Inc. reported its 2020 fourth quarter and full year financial results on Wednesday, recapping a transformational year for a company that downsized its business by essentially half.
Given that significant downsizing during the year, it's much more useful to emphasize the company's sequential quarterly results than year-over-year.
Houston-based NOW, which does business primarily as DistributionNOW, reported Q4 sales of $319 million, down from $326 million in Q3 and $370 million in Q2. Before dramatically reducing its physical footprint, DNOW's Q4 2019 sales were $639 million. As for US revenue, the company said US energy comprised 81 percent of Q4 sales, with US Process Solutions contributing 19 percent.

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