Dnow reports Q2 non-GAAP EPS 25c, consensus 24c

Reports Q2 revenue $633M, consensus $632.5M. David Cherechinsky, President and CEO of DNOW, said, “We are delighted with the growth we achieved during the second quarter, in a challenging market, where we delivered $50M in EBITDA and produced $18M in free cash flow, bringing our free cash flow haul to $201M over the past four quarters. We opportunistically repurchased $10 million in shares in the quarter and are on a path to complete the $80M share repurchase program this year. We continue to execute on our strategy to bolster DNOW’s capabilities and expand our core market, while further penetrating into midstream, energy evolution and adjacent industrial markets, providing additional opportunities for growth. The future remains bright thanks to our dedicated, skilled and passionate employees who work tirelessly and successfully to help solve our customers’ complex operational and supply chain challenges. With $197M in cash, no debt and $579M of total liquidity, we continue to pursue complementary, margin accretive acquisitions where the combination would maximize shareholder value and fuel future DNOW success.”