DNOW Shares Drop 9% After 1Q Earnings Miss Expectations

Dow Jones05-10

By Chris Wack

DNOW shares were down 9% at $13.56 after the company reported first-quarter earnings that missed analysts' expectations.

The wholesale distributor said it had quarterly earnings of $21 million, or 19 cents a share, compared with earnings of $32 million, or 28 cents a share, in the same period last year. Analysts polled by FactSet were looking for earnings of $26.6 million, or 25 cents a share.

Revenue for the quarter was $563 million, compared with last year's $584 million and the $569.2 million analysts were expecting.

The company said revenue and earnings were down because of lower U.S. well completions and low natural gas prices.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 10, 2024 10:00 ET (14:00 GMT)

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