MRC Global Inc. (MRC) reported first-quarter 2024 adjusted earnings of 20 cents per share, which beat the Zacks Consensus Estimate of 11 cents. However, the bottom line declined 37.5% year over year.Total revenues of $806 million surpassed the consensus estimate of $752 million. Yet, the top line decreased 8.9% year over year due to lower volume of sales in the Gas Utilities and Production & Transmission Infrastructure (PTI) sectors.Revenues by Product LineBased on MRC’s product line, revenues from carbon p ...

Revenue Performance - Revenue for the first three months of 2024 increased by 5% sequentially from the previous quarter but decreased by 9% compared to the same period in 2023[73]. - Gas Utilities sector contributed 33% of total revenue in Q1 2024, with a 13% decline in revenue year-over-year[74]. - DIET sector generated 34% of total revenue, experiencing a 1% decline from Q1 2023, but is expected to grow due to energy transition projects[78]. - PTI sector represented 33% of company revenues in Q1 2024, with a 12% decrease from the same quarter in 2023[80]. - 67% of total revenue in Q1 2024 was derived from Gas Utilities and DIET sectors[73]. - Sales for the three months ended March 31, 2024, were $806 million, a decrease of $79 million, or 9%, compared to $885 million for the same period in 2023[97]. - U.S. sales decreased to $667 million, down $73 million, or 10%, primarily due to a decline in the Gas Utilities sector[98]. - International sales increased to $110 million, up $7 million, or 7%, driven by the PTI sector[100]. Profitability Metrics - Gross profit was $163 million, representing 20.2% of sales, compared to $179 million, also 20.2% of sales, for the same period in 2023[101]. - Adjusted Gross Profit decreased to $174 million, or 21.6% of sales, from $188 million, or 21.2% of sales, in the prior year[102]. - Operating income was $38 million, a decrease of $19 million, or 33%, compared to $57 million for the same period in 2023[105]. - Net income was $19 million, down from $34 million, representing a decrease of $15 million, or 44%[111]. - Adjusted EBITDA was $57 million, or 7.1% of sales, compared to $69 million, or 7.8% of sales, for the same period in 2023[111]. - Net income for Q1 2024 was $19 million, down from $34 million in Q1 2023, reflecting a decrease in profitability[114]. Operational Efficiency - The ongoing maintenance and upgrading of existing energy facilities is a critical driver for business stability across sectors[75]. - Average Rig Count in North America decreased to 831 from 981 year-over-year, indicating a decline in industry activity[94]. - Adjusted EBITDA for Q1 2024 was $38 million, compared to a net cash used of $30 million in Q1 2023, indicating improved operational efficiency[126]. Financial Position - Total liquidity as of March 31, 2024, was $791 million, consisting of $146 million in cash and $645 million in excess availability under the Global ABL Facility[121]. - The company plans to repay its Term Loan of $292 million in full during Q2 2024 using a combination of cash and asset-based lending[120]. - Net cash used in financing activities was $17 million in Q1 2024, a significant decrease from $40 million provided in Q1 2023, primarily due to net payments on revolving credit facilities[128]. - Capital expenditures for Q1 2024 totaled $6 million, mainly for the replacement of the North American enterprise resource planning system[127]. - As of March 31, 2024, the outstanding balance on the Term Loan was $292 million, with a required repayment of 50% of excess cash flow[117]. - The Global ABL Facility matures in September 2026 and has an accordion feature allowing an increase of up to $250 million[118]. - The company reported a net increase in cash and cash equivalents of $16 million for Q1 2024, compared to $7 million in Q1 2023[125]. Market Conditions - Brent crude oil averaged approximately $83 per barrel and WTI averaged approximately $78 per barrel in Q1 2024, impacting customer activity levels[80]. - The energy transition business is expected to grow significantly, driven by government incentives and commitments to net zero emissions from customers[79]. - The company serves approximately 10,000 customers through 214 service locations globally[70]. - The company offers over 300,000 SKUs from a global network of over 8,500 suppliers[70]. Credit Rating - The company’s credit rating was downgraded from B to B- by S&P Global Ratings on September 21, 2023, with a developing outlook[122].

Exhibit 99.1 MRC Global Announces First Quarter 2024 Results Houston, TX – May 8, 2024 – 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 first quarter 2024 results. Net income attributable to common stockholders for the first quarter of 2024 was $13 million, or $0.15 per diluted share, as compared to the first quarter of 2023 net income attributable ...

Wall Street expects a year-over-year decline in earnings on lower revenues when MRC Global (MRC) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 8. On the oth ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-35479 MRC GLOBAL INC. (Exact name of registrant as specified in its charter) Delaware 20-5956993 (State or Other J ...

Financial Data and Key Metrics Changes - In Q4 2023, the company generated $768 million in total sales, representing a 14% sequential decline and a 12% year-over-year decrease [64] - Adjusted gross margins were 21.9%, marking a 60 basis point improvement over Q3 2023, and adjusted EBITDA was $48 million, or 6.3% of sales, a decline of 160 basis points from the previous quarter [67][68] - The company achieved a record low leverage ratio of 0.7 times, with total liquidity of $741 million [69][58] - For the full year 2023, operating cash flow was $181 million, exceeding previous guidance by 65% [4][17] Business Line Data and Key Metrics Changes - The PTI sector revenue for Q4 was $257 million, a decrease of $38 million or 13% sequentially, primarily due to seasonality and lower year-end customer activity in the US [34] - The DIET sector revenue was $258 million, down $21 million or 8%, attributed to the conclusion of various projects and lower year-end turnaround activity [65] - The gas utility sector saw sales of $253 million in Q4, a decline of $61 million or 19% [64] Market Data and Key Metrics Changes - International revenue was $107 million in Q4, up $2 million or 2%, driven by improvements in both the PTI and DIET sectors [35] - The international segment backlog increased by 55% since the beginning of 2023, indicating strong growth potential [10][27] Company Strategy and Development Direction - The company is focused on improving its cost structure and maintaining healthy adjusted EBITDA margins, with initiatives to lower SG&A costs [9] - A new cloud-based ERP system is being implemented, expected to enhance operational efficiency and reduce IT maintenance costs by approximately $2 million annually [40][71] - The company anticipates a transitional year in 2024, with revenue expected to be flat to modestly lower, but remains optimistic about long-term growth opportunities in all sectors [72][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the international segment and the potential for growth in the gas utilities sector as destocking efforts are expected to stabilize [20][59] - The company expects to generate approximately $200 million in operating cash flow in 2024, supported by improved working capital efficiencies [31][74] - Management acknowledged potential risks from declining oil prices but noted that larger public E&P companies are expected to drive activity in the U.S. oil field [29] Other Important Information - The effective tax rate for 2024 is projected to be between 26% and 28% [42] - The company is targeting average adjusted gross margins of 21% or better and average adjusted EBITDA margins of 7% for 2024 [73][44] Q&A Session Summary Question: Can you discuss cash flow and working capital expectations for 2024? - Management indicated that they expect to generate $100 million to $150 million in cash generation per year in a single-digit growth market, emphasizing their working capital efficiency [48][49] Question: What are the plans for capital allocation and potential M&A? - Management stated that they are open to considering M&A opportunities that are accretive to the company, but no specific plans were disclosed at this time [97][110] Question: How is the company addressing the impacts of LNG permitting halts? - Management noted that it is too early to assess the impacts but remains bullish on LNG as a growth opportunity for the company [91][112] Question: What are the expectations for SG&A costs in 2024? - Management expects a low single-digit reduction in SG&A costs, aiming to maintain a healthy EBITDA margin while preparing for growth in 2025 [93][120]

2 Forward Looking Statements Non-GAAP Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as "will," "expect," "look forward," "guidance," "targeted", "goals", and similar expressions are intended to identify forward-looking statements. Statements about the company's business, including its strategy, its industry, the company's future profitability, the company's guidance on its sales, Adjust ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission file number: 001-35479 MRC GLOBAL INC. (Exact name of registran ...

Financial Data and Key Metrics Changes - Total company sales for Q3 2023 were $888 million, a 2% sequential improvement from Q2 2023 [42] - Adjusted gross profit for Q3 was $189 million or 21.3%, a 20 basis point decline from Q2 [5] - Adjusted EBITDA for Q3 was $70 million or 7.9% of sales, marking the sixth consecutive quarter with adjusted EBITDA margins exceeding 7% [46] - Cash flow from operations in Q3 was $102 million, bringing year-to-date cash flow to $92 million, exceeding the full-year guidance of $90 million [46][54] Business Line Data and Key Metrics Changes - Gas Utilities sales were $314 million in Q3, a $9 million or 3% decrease sequentially [22] - DIET sector revenue was $279 million, an increase of $34 million or 14% due to increased turnaround project activity [22] - PTI revenue declined by 3% sequentially to $295 million, primarily due to timing of shipments and project activity [62] Market Data and Key Metrics Changes - U.S. revenue was $745 million in Q3, a 2% increase from the previous quarter, driven by the DIET sector [62] - International revenue was $105 million, down $1 million or 1%, but backlog increased by 35% since the beginning of the year [62] Company Strategy and Development Direction - The company aims to maintain adjusted gross margins in the 21% range and adjusted EBITDA margins in excess of 7% for the full year 2023 [6][54] - The company is optimistic about the underlying fundamentals of all three sectors and their longer-term outlook, with expectations for growth in PTI and DIET sectors in 2024 [61] - The company is looking to return to M&A to grow the business, emphasizing a disciplined approach to acquisitions [73] Management's Comments on Operating Environment and Future Outlook - Management noted that destocking by customers is expected to continue for 1 to 2 quarters, impacting revenue in the Gas Utilities sector [20][66] - The company expects a seasonal sequential revenue decline of 5% to 10% in Q4, with the International segment expected to approach mid-teens percentage growth for the full year [6] - Management expressed confidence that line pipe prices have likely bottomed and expects a return to normal purchasing levels as the destocking phase concludes [60] Other Important Information - The company has a current availability on the ABL of $696 million, with total liquidity of $748 million [23] - The leverage ratio based on net debt of $251 million was 0.9x, dropping below the 1x hurdle a quarter earlier than expected [23] Q&A Session Summary Question: What visibility is there on the timing of the destocking cycle? - Management indicated that destocking is a significant factor affecting revenue and is expected to be a shorter-term phenomenon, likely lasting for about two quarters [66] Question: How are interest rates and inflation impacting customer spending? - Management noted that higher interest rates and inflation are challenges for customer spending, but they believe these factors are nearing a bottom [67] Question: Is there visibility on the rig count and potential increases in customer spending? - Management believes the rig count has bottomed and expects a pickup in activity as customers finalize their budgets for 2024 [68] Question: Would the gas utility business have grown in 2023 without destocking? - Management stated that without destocking, they believe the gas utility business would have seen growth, as it has historically grown more than 20% in previous years [70]

MRC Global Inc. (NYSE:MRC) Q2 2023 Earnings Conference Call August 8, 2023 10:00 AM ET Company Participants Monica Broughton - Vice President, Investor Relations and Treasury Rob Saltiel - President and Chief Executive Officer Kelly Youngblood - Executive Vice President and Chief Financial Officer Conference Call Participants Tommy Moll - Stephens Nathan Jones - Stifel Ken Newman - KeyBanc Capital Markets Doug Becker - Capital One Operator Greetings, and welcome to the MRC Global Second Quarter 2023 Earning ...