MRC Global Sales Up 24%

The pipe, valve and fittings distributor saw its operating income triple in the latest quarter.

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MRC Global Inc. on Tuesday reported a jump in second-quarter sales that helped reverse a loss in diluted earnings per share during the same quarter last year.

The Houston pipe, valve and fittings distributor disclosed $848 million in sales between April and June, up 24% from the $686 million reported in the second quarter of 2021. The company said its gross profit increased from $112 million to $151 million over that span, while operating income more than tripled from $10 million to $31 million.

MRC reported earnings of $0.09 per diluted share — up from a $0.02 loss per diluted share disclosed last August — while its backlog continued to climb, rising 43% during the first six months of the year.

Executives said the company saw strong growth in each of its end-markets — gas utilities; downstream, industrial and energy transition; upstream production; and midstream pipeline — and reached its best adjusted EBITDA margin, at 7.7%, since 2014.

“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% sequentially,” MRC President and CEO Rob Saltiel said in a statement.

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