Agrees to Repurchase Preferred Stock Launches Term Loan B Financing to Fund Repurchase Pursues Amendment to ABL Facility to Extend Maturity Provides Preliminary Third Quarter 2024 Financial Results HOUSTON, Oct. 15, 2024 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) announced today that it has agreed to repurchase all 363,000 shares of its 6.50% Series A Convertible Perpetual Preferred Stock as part of an agreement with Mario Investments, LLC, the holder of the preferred stock, which is contingent upon, a ...

HOUSTON, Sept. 17, 2024 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) will release its third quarter 2024 results on November 5, 2024, after the market closes. In conjunction with the release, the company will host a conference call and webcast: What: MRC Global Third Quarter 2024 Earnings Conference Call and Webcast When: Wednesday, November 6, 2024, at 10:00 a.m. Eastern / 9:00 a.m. Central How:Via phone – Dial 201-689-8261 and ask for the MRC Global call prior to the start time, or Via webcast – Visit ...

A month has gone by since the last earnings report for MRC Global (MRC) . Shares have added about 0.1% in that time frame, underperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is MRC due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. MRC Global Q2 Earnings Top Estimates, Revenues Down Y/Y MRC ...

MRC Global Inc. (MRC) has failed to impress investors with its recent operational performance due to weakness across its businesses and high debt levels. Based in Houston, TX, MRC Global is one of the leading distributors of pipes, valves and fittings, and related products and services. The company's products are used across upstream, midstream and downstream sectors of the oil and gas industry. Its products serve industries such as exploration, production and extraction of underground oil and natural gas, ...

Did you analyze how MRC Global (MRC) fared in its international operations for the quarter ending June 2024? Given the widespread global presence of this energy products distributor, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities. In today's increasingly interconnected global economy, a company's ability to tap into international markets can be a pivotal factor in shaping its overall financial health and growth trajectory ...

Core Viewpoint - MRC Global Inc. reported a decline in adjusted earnings and revenues for the second quarter of 2024, primarily due to lower sales volumes in key sectors, despite beating earnings estimates [1]. Revenue Summary - Total revenues for the second quarter reached $832 million, exceeding the consensus estimate of $822 million, but reflecting a 4.5% year-over-year decline [1]. - Revenues from carbon pipe, fittings, and flanges decreased by 4.9% year over year to $235 million [2]. - Valves, automation, measurement, and instrumentation revenues increased by 1% year over year to $302 million [2]. - Gas product revenues fell by 9.8% year over year to $193 million, while general product sales dropped by 10.7% to $67 million [2]. - Sales of stainless steel and alloy pipe and fittings decreased by 2.8% to $35 million [2]. Sector Performance - Revenues from Gas Utilities decreased by 11.6% year over year to $287 million, while DIET sales increased by 9.4% to $268 million [3]. - Sales from the PTI sector declined by 8.6% year over year to $277 million [3]. Segment Analysis - The U.S. segment, accounting for 81.4% of total revenues, generated $677 million, down 6.9% year over year due to reduced demand in Gas Utilities and PTI sectors [4]. - Revenues from the Canada segment fell by 13.2% year over year to $33 million [4]. - The International segment saw a revenue increase of 15.9% year over year to $122 million, driven by higher revenues from PTI and DIET sectors [4]. Margin Profile - MRC Global's cost of sales decreased by 5.3% year over year to $659 million, with adjusted gross profit down 1.6% to $184 million [5]. - The adjusted gross margin improved to 22.1% from 21.5% in the previous year [5]. - Selling, general, and administrative expenses decreased by 3.1% year over year to $126 million, while adjusted EBITDA increased by 3.2% year over year to $65 million [5]. Balance Sheet and Cash Flow - At the end of the second quarter, MRC had a cash balance of $49 million, down from $131 million at the end of December 2023 [6]. - Total debt at the end of the reported quarter was $152 million [6]. - In the first half of 2024, the company generated net cash of $101 million from operating activities, compared to $10 million used in the same period last year [7]. - Capital expenditures on property, plant, and equipment rose by 180% year over year to $14 million [7]. - Dividends paid on preferred stock remained flat year over year at $12 million [7].

MRC Global (MRC) came out with quarterly earnings of $0.31 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 29.17%. A quarter ago, it was expected that this energy products distributor would post earnings of $0.11 per share when it actually produced earnings of $0.20, delivering a surprise of 81.82%. Over the last four quarte ...

HOUSTON, Aug. 06, 2024 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC), the leading global distributor of pipe, valves, fittings and infrastructure products and services to diversified energy, industrial and gas utilities end-markets, today announced second quarter 2024 results. Net income attributable to common stockholders for the second quarter of 2024 was $24 million, or $0.28 per diluted share, as compared to the second quarter of 2023 net income attributable to common stockholders of $18 million, or $ ...

MRC Global Inc. (MRC) has been benefiting from its diversified presence across several end markets, including upstream production, midstream pipelines, gas utilities and Downstream, Industrial and Energy Transition ("DIET"). The company has been witnessing strength in the DIET sector, driven by an increase in energy transition activities in the United States. It expects revenues from the DIET sector to increase modestly in 2024 on the back of strong level of refinery and chemical plant maintenance activitie ...

When: Wednesday, August 7, 2024, at 10:00 a.m. Eastern / 9:00 a.m. Central HOUSTON, June 18, 2024 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE:MRC) will release its second quarter 2024 results on August 6, 2024, after the market closes. How: Via phone – Dial 201-689-8261 and ask for the MRC Global call prior to the start time, or Via webcast – Visit our website http://www.mrcglobal.com in the investor relations section Headquartered in Houston, Texas, MRC Global (NYSE:MRC) is the leading global distributor of ...