HOUSTON - DNOW Inc. (NYSE: DNOW) announced results for the first quarter ended March 31, 2024.
First Quarter 2024 Highlights
Cash provided by operating activities was $81 million for the first quarter of 2024 and $275 million for the trailing four quarters ending March 31, 2024
Revenue was $563 million for the first quarter of 2024
Net income attributable to DNOW Inc. was $21 million, or $0.19 per diluted share, for the first quarter of 2024
Non-GAAP net income attributable to DNOW Inc. excluding other costs was $23 million, or $0.21 per diluted share, for the first quarter of 2024
EBITDA excluding other costs was $39 million or 6.9% of revenue for the first quarter of 2024
Completed acquisition of Whitco Supply LLC for $185 million in cash, enhancing capabilities and position primarily in the U.S. midstream market
Cash and cash equivalents was $188 million and long-term debt was zero at March 31, 2024 with total liquidity of approximately $564 million
David Cherechinsky, President and CEO of DNOW, added, 'I am incredibly pleased with the progress we made this quarter, generating strong free cash flow of $80 million towards our $150 million full-year target, which we expect could now approach $200 million in 2024.
We welcomed Whitco Supply to the DNOW family, one of our largest acquisitions, and still ended the quarter debt-free with $188 million in cash. The addition of Whitco's talented team, rich culture and technical expertise will enhance our service levels and capabilities, enabling us to better support our customers' midstream and energy evolution investments.
Despite the slow start to the first quarter, evidenced by lower U.S. well completions and historically low natural gas prices, we are encouraged by our prospects for the remainder of the year and are upgrading our 2024 full-year outlook to now grow revenue in the mid-to-high single digit percentage range, and sequentially we expect second quarter revenue to increase ten to fifteen percent, assuming increased market activity.
With a solid balance sheet, an expanding diversified customer base, the best people in the business and a proactive approach to seizing value-enhancing acquisition opportunities, I am excited about our future.'
Prior to the earnings conference call a presentation titled 'DNOW First Quarter 2024 Key Takeaways' will be available on the Company's Investor Relations website.
About DNOW
DNOW is a worldwide supplier of energy and industrial products and packaged, engineered process and production equipment with a legacy of over 160 years. Headquartered in Houston, Texas, with approximately 2,650 employees and a network of locations worldwide, we offer a broad set of supply chain solutions combined with a suite of digital offerings branded as DigitalNOW that provide customers world-class technology for digital commerce, data and information management. Our locations provide products and solutions to exploration and production, midstream transmission and storage companies, refineries, chemical companies, utilities, mining, municipal water, manufacturers, engineering and construction as well as companies operating in the decarbonization, energy transition and renewables end markets.
Statements made in this press release that are forward-looking in nature are intended to be 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by DNOW Inc. with the U.S. Securities and Exchange Commission, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
Contact:
Mark Johnson
Senior Vice President and Chief Financial Officer
Tel: (281) 823-4754
DNOW INC. 
