MRC Global sales rise 22%
Sales for MRC Global Inc. were up 22% to $1.43 billion in the second quarter of 2011.
The distributor of pipe, valves and fittings (PVF) and related products and services reported net income of $31.3 million, or 32 cents per diluted share, compared to $4.7 million, or 6 cents per diluted share, in the second quarter of 2011.
For the first six months of the year, MRC's sales were $2.813 billion compared to $2.160 billion for the first six months of 2011, an increase of 30%.
"Demand for our products from all three of our primary industry sectors remained strong as evidenced by our 22% year-over-year top line growth. Our efforts to re-balance our inventories towards higher margin products and to leverage our global infrastructure continue to deliver improved results," said Andrew R. Lane, MRC chairman, president and chief executive officer.
Increasing activity within the North American shale plays drove the increase, particularly in those areas with heavy concentrations of oil and wet gas.
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.
