MRC Global on Tuesday posted sharply higher sales and profit numbers for its fiscal third quarter.
The Houston valves, fittings and infrastructure products distributor reported sales of $904 million between July and September, an increase of 32% compared to $685 million during the same timeframe last year. Gross profit rose 57% over that span — from $95 million to $165 million — while net income and diluted earnings per share reversed losses in the previous third quarter, coming in at $18 million and $0.21, respectively.
MRC President and CEO Rob Saltiel said the gas utilities and downstream, industrial and energy transition sectors led the company’s growth since the second quarter of the year.
“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%,” Saltiel said in a statement. “Our business generated operating cash flow of $33 million in the third quarter, and we expect to achieve positive operating cash flow for the full year.”
MRC — no. 10 on ID’s 2022 Big 50 list — said company officials anticipate double-digit revenue growth and stronger EBITDA margins for 2023.
