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Posted February 24, 2015

DistributionNow sales and earnings fall

NOW Inc. reported that fourth quarter revenue decreased 3.4 percent to $1.0 billion, compared to $1.04 billion in the same period in 2013.


Net income of $16 million, or 14 cents per fully diluted share, compared to income of $34 million, or 32 cents, in last year's fourth quarter.

Revenue for the full year 2014 declined 4.4 percent to $4.1 billion, and net income was $116 million, or $1.06 per fully diluted share. In 2013, full-year revenue was $4.3 billion, with net income of $147 million, or $1.37 per share.

“2014 marked an adventurous year for DistributionNOW. The year started with excitement from our spin-off from National Oilwell Varco and the creation of our own stand-alone publicly traded company," said Robert Workman, president and CEO of NOW Inc. "Simultaneously, we implemented a new ERP system and integrated three very large distribution businesses. While these efforts consumed more resources and time than anticipated, we believe that much of that work is behind us now. Despite that noise, and the more recent bearish sentiment in the market, our employees have remained resilient and I couldn’t be more proud. We have accomplished a lot over the past twelve months, and I am looking forward to using that experience into the new year.

United States
Fourth quarter revenue for the United States was $679 million, an increase of 0.4 percent from the fourth quarter of 2013. T

Canada
Fourth quarter revenue for Canada was $180 million, a decrease of 7.7 percent from the fourth quarter of 2013. 

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