Shares of DNOW Inc. (DNOW), a supplier of energy and industrial solutions, products and engineered equipment packages, are climbing more than 21 percent Thursday morning after reporting improved quarterly results above the Street estimate.
Net income for the fourth quarter increased significantly to $147 million or $1.35 per share from $32 million or $0.28 per share in the same quarter a year ago, which included a non-cash deferred tax benefit of $126 million.
Excluding items, earnings of $24 million or $0.22 per share were above the consensus estimate of analysts polled by Thomson-Reuters of $0.16 per share.
Revenue for the quarter increased to $555 million from $547 million last year. Analysts were expecting for $540.82 million.
"Adding to our impressive top-line increase, we produced $171 million in free cash flow, more than twice our original guidance provided last February, and we are targeting to generate $150 million in 2024," commented David Cherechinsky, President and CEO of DNOW.
DNOW is at $11.91. It has traded in the range of $8.83 - $14.57 in the last 1 year.
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