MRC sales up 39%
MRC Global Inc. reported first-quarter sales of $1.383 billion were up 39% from $992 million in the first quarter of 2011.
Net income was $37.5 million, or 44 cents per diluted share, as compared to a net loss of $1.1 million, or 1 cent per share, in the first quarter of 2011.
"Our first quarter sales and net income reflect the continued strength of our North American segment from both our upstream and midstream sector activity levels and also from our International segment, primarily as a result of improved activity levels in the U.K., Southeast Asia as well as our Australian acquisitions," said Andrew R. Lane, chairman, president and chief executive officer.
Within the company's North American segment, sales increased 35% to $1.261 billion, driven by strengthening activity within the North American shale plays, particularly those areas with heavy concentrations of oil and wet gas. International segment sales increased 105% to $122 million, due to the acquisitions of Australia-based Stainless Pipe & Fittings and OneSteel Piping Systems as well as improved overall business activity. Overall, organic growth contributed 34% to the top line increase and acquisitions accounted for the remaining 5%.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
