DNOW Inc. saw a decrease in first-quarter profits compared to the same period the previous year, a result that fell short of market expectations. The company’s profit was $23 million, or $0.19 per share, a decrease from the first quarter of the previous year when it stood at $31 million or $0.28 per share.
When special items were excluded, DNOW Inc.'s adjusted earnings were still at $23 million or $0.21 per share for the quarter. Analysts, on average, had predicted the company would earn $0.23 per share, according to figures compiled by Thomson Reuters. These estimates usually exclude special items.
Revenue for the quarter also decreased, dropping by 3.6% from $584 million the previous year to $563 million.
To sum it up, DNOW Inc.'s earnings for the first quarter were as follows:
- Earnings were $23 million, slipping from $31 million the previous year.
- Earnings per share (EPS) fell to $0.19 from $0.28 during the same period the previous year.
- Revenue also decreased to $563 million, down from $584 million last year.
