Why DNOW Stock Is Surging Higher Today
DNOW (NYSE: DNOW) easily beat analyst expectations and generated a lot more cash than the company had originally predicted. Investors are cheering the results, sending shares of the industrial-products company up 19% as of 2:30 p.m. ET.
DNOW is a supplier of equipment and services to energy and industrial markets. It offers a wide range of air compressors, welding equipment, power generation equipment, and pumps. The company was spun off from what was then known as National Oilwell Varco (now NOV) in 2014 and has used a series of acquisitions in the years since then to build its product portfolio.
The company's most recent quarter should put it on a lot of radar screens. DNOW earned $0.22 per share on revenue of $555 million, easily surpassing Wall Street estimates of $0.16 per share on $540 million in sales. It also generated $171 million in free cash flow for the year, more than twice the amount it guided for in February 2023.
Source Fool.com
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