MRC Global sales climb 17 percent
MRC Global reported sales of $685 million for the third quarter of 2021, a 17 percent gain compared to $585 million in the third quarter of 2020.
Sequentially, the U.S. segment experienced modest growth led by the downstream, industrial and energy transition (DIET) sector offset by the International segment, which declined due to delayed maintenance, repairs and operations (MRO) and project activity. As compared to the third quarter of 2020, broad economic recovery drove improvement in sales across all sectors.
Net loss attributable to common stockholders for the third quarter of 2021 was ($17) million, or 21 cents per diluted share, as compared to the third quarter of 2020 net loss of ($3) million, or 4 cents per diluted share.
“Our third quarter results reflect solid execution and good cost control as we achieved adjusted EBITDA margins of 5.7 percent, the highest for our company in two years,” said Rob Saltiel, MRC Global president and chief executive officer. “Our U.S. business grew 2% sequentially while our International segment experienced revenue declines due to delayed MRO and project activity. We expect double-digit revenue growth next year based on our growing backlog and increased customer activity.”
INDUSTRIAL SUPPLY MAGAZINE
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