Posted February 23, 2018

MRC Global sees 20 percent sales gain

MRC Global posted sales of $3.6 billion in 2017, a 20 percent increase from $3.0 billion the year before. 

Net income of $26 million for the year, or 27 cents per share, compared to a loss of $107 million in 2016, or $1.10 per share.

Sales were $903 million for the fourth quarter of 2017, which was 26 percent higher than the fourth quarter of 2016. As compared to 2016, all sectors increased driven primarily by midstream and upstream.

Net income attributable to common stockholders for the fourth quarter was $29 million, or 30 cents per diluted share, which includes the impact of tax reform, as compared to a net loss attributable to common stockholders for the fourth quarter of 2016 of $24 million, or 25 cents per diluted share. T

"Revenue grew 20 percent in 2017 over 2016, driven by our North American midstream and upstream sectors as the industry recovered from the downturn of 2015 and 2016. We continued to defend and gain market share including signing multi-year framework agreements with three integrated oil companies and we are well positioned for double digit revenue growth in 2018 with our customer contract positions in the improving oil and gas market," said Andrew R. Lane, president and chief executive officer.

U.S. sales in the fourth quarter were $715 million, up 30 percent from the same quarter in 2016. The increase was across all sectors. Increased well completions, midstream transmission and gathering deliveries and downstream project deliveries all drove the increase.