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Posted May 5, 2017

MRC Global sales up 10 percent

MRC Global announced first quarter 2017 sales were $862 million, 10% higher than the first quarter of 2016 and 20% higher than the fourth quarter of 2016.


As compared to last year, increased customer activity primarily in the midstream sector drove the improvement.

Net income attributable to common stockholders for the first quarter of 2017 was $0 million, or $0.00 per diluted share, compared to net loss attributable to common stockholders of $14 million, or 14 cents per diluted share for the first quarter of 2016. 

"We are confident the recovery in the oil and gas market is underway with first quarter 2017 revenue higher than any quarter in 2016. This quarter, we saw a 20% sequential increase in sales. This performance was driven by growth across all sectors with very strong performance in our midstream transmission and gathering sector as well as each of our Canadian and U.S. upstream businesses," said Andrew R. Lane, president and chief executive officer.

U.S. sales were $666 million, up 10% from the same quarter in 2016. 

Canadian sales were $77 million, up 20% from the same quarter in 2016 primarily due to the upstream business. 

International sales were $119 million, up 5% from the same period in 2016. 

Upstream sales in the first quarter of 2017 increased 6% over the first quarter of 2016 to $245 million, or 28% of total sales. The increase in upstream sales was primarily in the Canadian segment followed by the U.S. as a result of increased customer activity. 

Midstream sales in the first quarter of 2017 increased 33% from the first quarter of 2016 to $371 million, or 43% of total sales. Sales to transmission and gathering customers were up 48% while sales to gas utility customers were up by 20% over the same quarter in 2016.

Downstream sales decreased 10% from the first quarter of 2016 to $246 million, or 29% of total sales. The U.S. downstream sector decreased by $32 million, or 15%, primarily due to the conclusion of a large petrochemical project. 

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