Here’s Why Shares of NOW Inc Are Selling Off Today

Shares of NOW Inc (NYSE: DNOW) were down more than 12% by 3:00 p.m. EDT on Wednesday after the energy-equipment distribution company reported second-quarter results.

NOW reported that sales jumped 30% versus last year's second-quarter, to $651 million. However, that was $24.7 million below what analysts expected. It's worth noting, however, that CEO Robert Workman pointed out in the earnings release that despite some headwinds, "our upstream operations in the U.S. performed better than expected, as did our Canadian business."

Further, even though revenue came in a bit lighter than analysts thought it would, the company's net loss was in line with the consensus estimate of a $0.10 per-share loss. That was an improvement not only from last year, but last quarter, thanks to its ability to tightly manage expenses.

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Source: Fool.com