DNOW fell short of forecasts on both lines in the third quarter. Revenue was $1.34bn against $1.38bn expected. Earnings of $0.14 a share on a GAAP basis, the standard accounting measure, were $0.01 worse than expected.

Chief executive David Cherechinsky called it a quarter of broad-based strength. He pointed to sales growth on the previous quarter in all three geographic segments and to gas utilities revenue at its highest in three years. The miss against expectations qualifies that account.

The operating numbers back him more than the headline ones do. Adjusted EBITDA, a profit measure that strips out interest, tax, depreciation and certain other items, was $76m, nearly double the first quarter. The company's results release puts that at 5.7% of revenue and gives adjusted net income of $34m, or $0.18 a share. Stock Titan's summary of the release sets the EBITDA figure against $60m in the second quarter and $51m a year earlier.

DNOW repurchased $17m of its common stock in the third quarter. That takes buybacks this year to $92m under its $160m repurchase program.

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