Posted November 9, 2022

MRC Global's 3Q sales up 32 percent

MRC Global said that its third-quarter sales of $904 million improved 32% compared to $685 million in the same quarter a year ago.

MRC GlobalNet income of $18 million, or 21 cents per diluted share, compared to a net loss of $17 million, or a loss of 21 cents, in last year's third quarter.

“I am very pleased with our outstanding performance this quarter with total revenue of $904 million, a 7% sequential growth, led by our two largest end-market sectors, gas utilities and DIET (Downstream, industrial and energy transition sector)," said Rob Saltiel, president and CEO. "Continued strong activity, coupled with cost management, resulted in new company records for both adjusted gross margin of 21.9% and adjusted EBITDA margin of 9.1%”

U.S. sales in the third quarter of 2022 were $768 million, up $198 million, or 35%, from the same quarter in 2021.

International sales were $99 million, up $14 million, or 16%, from the same period in
2021 overcoming a $13 million unfavorable impact from weaker foreign currencies.