Customer-Driven Model Drives Market Share Gains

DNOW’s FY23 financial results benefited from the initiatives management put in place several years ago to position the company as a strategic supply chain partner for its vendors and customers. FY23 revenue increased 9% Y/Y, including +20% and +11% gains in its drilling and production and fittings and flanges product lines. Capital spending cycles across all segments of the energy industry drive the majority of DNOW’s revenue. Revenue gains per average working rig suggest DNOW’s fulfillment mod...