Posted May 11, 2022

MRC Global Q1 sales climb 22 percent

MRC Global reported that its first-quarter sales of $742 million increased 22 percent from $609 million in the same quarter a year ago.

MRC GlobalNet income was $10 million, or 12 cents per diluted share, compared to the first quarter of 2021 net loss of $9 million, or 11 cents per diluted share.

“I am very pleased with our excellent financial performance in the first quarter. Our revenue was up 8% sequentially, led by our Upstream Production and Downstream, Industrial and Energy Transition (DIET) sectors," said Rob Saltiel, MRC Global’s president and chief executive officer.

"Our strong first quarter results, favorable business fundamentals and growing backlog are leading us to raise our 2022 outlook to $3.1 billion in sales and $200 million of adjusted EBITDA. We expect revenue in all four of our business sectors to be up double-digit percentages in 2022," Saltiel added.