NOW starts off $80M buyback program

Aug. 03, 2022 7:08 AM ETNOW Inc. (DNOW)By: Shweta Agarwal, SA News Editor1 Comment
  • NOW (NYSE:DNOW) stated Wednesday it has received Board's approval to start off the buyback program that allows to repurchase up to $80M through Dec. 31, 2024.
  • "The continued execution of our strategic business transformation and top line growth initiatives strengthens our confidence in DNOW’s improving cash flow generation capabilities. The authorization of a share repurchase program complements our acquisition strategy and illustrates an expanded commitment to generating attractive full-cycle shareholder returns without deviating from our disciplined approach to balance sheet management," said President and CEO David Cherechinsky.
  • Shares gain 2.26% in premarket Wednesday.
  • The announcement comes in with NOW's second quarter earnings topper where revenue of $539M (+34.8% Y/Y) beats by $49.94M and a $0.26 in Non-GAAP EPS beat expectations by $0.09.
  • See here for the company's guidance raise update.

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