Posted November 7, 2023

MRC Global sales improve 2% for third quarter

MRC Global Inc. reported sales of $888 million for its third quarter 2023, a 2% improvement compared to the second quarter of 2023.

Third Quarter 2023 Financial Highlights:

  • Adjusted Gross Profit, as a percentage of sales, of 21.3%
  • Adjusted EBITDA of $70 million, or 7.9% of sales and the company's 6th consecutive quarter above 7%
  • Cash Flow from operations of $102 million during the third quarter, allowing the company to achieve our full year target of $90 million a quarter early
  • Net Debt leverage ratio of 0.9 times, the lowest in the company's public company history

“Revenue in the third quarter increased moderately compared to the second quarter, as rising DIET sector revenue offset declines in our Gas Utilities and PTI sectors,: said MRC Global President and CEO Rob Saltiel. "We are pleased to have achieved adjusted gross profit margins in excess of 21%, operating cash flow of over $100 million and adjusted EBITDA margins of 7.9%. The value of our end-market diversification is evident as year-to-date revenue gains in the PTI and DIET sectors have countered the temporary weakness we are experiencing in Gas Utilities."