The following is a summary of the DNOW Inc. (DNOW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• DNOW Inc. reported Q1 2024 total revenue of $563 million, a 1% increase from Q4 2023.

• Strong free cash flow generated in Q1 2024 at $80 million, with a revised full-year target of $200 million for 2024.

• The company ended Q1 2024 debt-free with cash of $188 million on hand.

• There is a continued share repurchase program, with $58 million repurchased as of March 31 under its $80 million authorization.

• The 2024 full-year revenue target is set for an increase in the mid-to-high single-digit range compared to 2023, with EBITDA percent of revenue similar to the previous year.

Business Progress:

• DNOW's strategy revolves around diversified growth, tapping into the energy evolution and adjacent industrial markets.

• Significant progress is being made in their digital initiatives, with digital revenue as a percent of total SIP revenue increasing to 49% in Q1 2024.

• The acquisition of Whitco Supply in Q1 2024 has contributed significantly to the revenue increase, leading to a positive impact on future financial performance.

• The company showed an international presence with Q1 2024 revenue of $62 million, noting steady activity in Europe, the UK, and Australia.

• Rebranding, including a new logo, signifies the company's transformation and growth vision.

• Predicted sequential revenue growth in the U.S. and internationally for Q2, while the Canada revenue may decline due to seasonal factors with projected revenue increase from 10% to 15% from Q1 2024.

More details: DNOW Inc IR

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