MRC Global on Wednesday posted another quarterly loss as sales and profits both declined in the first three months of the year.
The Houston pipe, valves and fittings distributor — no. 10 on ID’s 2024 Big 50 — reported a net loss of $22 million amid a $30 million loss attributed to “discontinued operations.” The company also reported a loss in the final quarter of 2024 following the sale of its Canadian operations. MRC said that net income from continuing operations was $8 million in the latest quarter, although that was down from $20 million year-over-year.
MRC’s sales, meanwhile, fell from $777 million in the first quarter of last year down to $712 million in the latest quarter. Gross profit dropped from $159 million to $142 million over that span, and operating income fell from $39 million to $18 million.
The company posted a year-over-year increase in revenue in its gas utilities segment, but its other two divisions — downstream, industrial and energy transition, and production and transmission infrastructure — saw declines.
Despite the year-over-year totals, MRC President and CEO Rob Saltiel said the results for the quarter were “strong across all of our key metrics” outlined in an April release of preliminary Q1 totals.
Saltiel said a growing backlog, rising intake levels and “improving visibility on near-term project deliveries” led officials to forecast “high-single to a low-double digit” Q2 sales growth compared to the first quarter of the year.
He also said that the company has started a previously announced share buyback program, and that “recent stock market volatility” provided an opportunity to buy the shares at “attractive price levels.”
