Posted August 10, 2022

MRC Global's sales grew by 24 percent

MRC Global reported sales of $848 million in the second quarter, a 24 percent improvement over $686 million in the same quarter a year ago.

MRC GlobalNet income attributable to common stockholders for the second quarter of 2022 was $8 million, or 9 cents per diluted share, as compared to the second quarter of 2021 net loss of ($2) million, or (2 cents) per diluted share.

“Strong double-digit growth in each of our end-market sectors drove second quarter revenue of $848 million, a 14 percent sequential improvement, while adjusted EBITDA margin was 7.7 percent, our best quarterly result since 2014," said Rob Saltiel, MRC Global’s president and CEO. "The gas utilities and downstream, industrial and energy transition (DIET) sectors led the sequential improvement and combined represent 68 percent of our revenue for the quarter. Our targets for the full year remain at $3.3 billion of revenue and $230 million of adjusted EBITDA, supported by strong business fundamentals and our growing backlog, which increased 12 percent sequentially."

U.S. sales for the global distributor of pipe, valves, fittings and infrastructure products and services were $717 million, up 28 percent from the same quarter in 2021.

Canada sales were $40 million, uu 33 percent from the same quarter in 2021.

International sales were $91 million, down 7 percent from the same period in 2021.