DNOW - NOW starts off $80M buyback program

• 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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