Posted July 31, 2020

MRC Global posts 39 percent sales decline

MRC Global said its sales were $602 million for the second quarter of 2020, 39 percent lower than the second quarter of 2019. 

A net loss of $287 million, or a loss of $3.50 per diluted share, compared to net income of $18 million, or 21 cents, in the same period last year.

U.S. sales in the second quarter of 2020 were $474 million, down 41 percent from the same quarter in 2019. Upstream production sales decreased by 65 percent primarily due to reduced spending from customers and a 62 percent reduction in well completions. Downstream and industrial sales declined 41 percent, as many customers delayed maintenance spending and idled facilities due to lower demand as well as non-recurring projects. Midstream pipeline sales declined 49 percent due to reduced customer spending and the timing of customer projects. Gas utilities’ sales were down 18 percent, primarily due to the impact from the pandemic restrictions as customers paused spending.