MRC Global's sales fall 23 percent
MRC Global's sales were $609 million for the first quarter of 2021, 23 percent lower than $794 million in first quarter of 2020.
The distributor of pipe, valves and fittings and related infrastructure products and services to the energy industry recorded a net loss $9 million, or 11 cents per diluted share, for the quarter. That compared to net income of $3 million, or 4 cents, in the same period last year.
Sales improved 5 percent from the fourth quarter of 2020.
U.S. sales in the first quarter of 2021 were $484 million, down $154 million, or 24 percent, from the same quarter in 2020.
Canada sales in the first quarter of 2021 were $32 million, down $18 million, or 36 percent, from the same quarter in 2020 driven primarily by the upstream production sector, which was adversely affected by the pandemic.
"I am pleased with the solid first quarter performance that our team delivered. Despite a slow start to the quarter resulting from customer budget resets and extreme weather conditions, we were able to achieve a 5 percent sequential revenue increase, a stronger bottom line and continued cash flow generation, reflecting an improved business environment," said Rob Saltiel, MRC Global's president and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
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