NOW Inc. (NYSE: DNOW), Houston, TX, reported sales for the third quarter of $753 million, down 29.6 percent year-over-year. The company reported a loss of $224 million, compared to a profit of $32 million the prior year.
Third-quarter sales in the U.S. were $497 million, down 34 percent year-over-year. Sales in Canada were down 46 percent to $94 million, while international sales were up 9 percent to $162 million.
"During the third quarter, we continued to see contraction in the market with unrelenting land rig count declines in the United States, a tepid emergence from seasonal break-up in Canada and continued stacking and scrapping of deep-water offshore rigs globally," said President and CEO Robert Workman.
Year-to-date sales were $2.4 billion, down 31 percent year-over-year. The company reported a loss of $253 million for the period, compared to a profit of $100 million the prior year.
During the quarter the company also completed two acquisitions, Odessa Pumps and Equipment in the United States, and a supplier of valves and actuators in Canada.
