MRC Global Q1 sales down 4 percent
MRC Global reported that its first quarter sales of $970 million were 4 percent lower than the $1 billion for the fourth quarter of 2018.
The distributor of pipe, valves and fittings and related products and services to the energy industry said the decrease was primarily due to non-recurring midstream project work.
Net income of $12 million, or 14 cents per diluted share, compared to $12 million, or 13 cents, in the same period last year.
"The first quarter 2019 results were in line with our expectations. Customer activity slowed in December of last year, which carried over into 2019 resulting in a slow start to the year before improving in March," said Andrew R. Lane, MRC Global's president and chief executive officer.
U.S. sales in the first quarter of 2019 were $779 million, down $27 million, or 3 percent, from the same quarter in 2018.
Canadian sales in the first quarter of 2019 were $68 million, down $10 million, or 13 percent, from the same quarter in 2018 driven by the upstream sector, which was adversely affected by government imposed production limits.
International sales in the first quarter of 2019 were $123 million, down $3 million, or 2 percent, from the same period in 2018.
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