MRC (MRC) Globenewswire·2025-03-14 10:30Core Viewpoint - MRC Global Inc. is optimistic about its business outlook for 2025, driven by a rebound in the gas utilities sector, inflation returning to product pricing, and growth in U.S. natural gas infrastructure investment. The company anticipates revenue growth in all business sectors and plans to execute a $125 million share buyback authorization [4]. Financial Highlights Full Year 2024 Financial Highlights - Total sales for 2024 were $3,011 million, a decrease from $3,266 million in 2023 [8][33]. - Net income from continuing operations for 2024 was $78 million, down from $115 million in 2023 [7][33]. - Adjusted EBITDA for 2024 was $202 million, representing 6.7% of sales [8][33]. - Operating cash flow from continuing operations was $268 million, the highest since 2015 [8][21]. Fourth Quarter 2024 Financial Highlights - Sales for Q4 2024 were $664 million, a 10% decrease from $740 million in Q4 2023 [8][13]. - Net loss from continuing operations for Q4 2024 was ($1) million, compared to a net income of $22 million in Q4 2023 [7][33]. - Adjusted EBITDA for Q4 2024 was $32 million, down from $49 million in Q4 2023 [12][50]. - Gross profit for Q4 2024 was $135 million, or 20.3% of sales, compared to $149 million, or 20.1% of sales in Q4 2023 [9][33]. Sales Performance Sales by Segment - U.S. sales in Q4 2024 were $542 million, a decrease of $91 million, or 14%, from Q4 2023 [14]. - International sales in Q4 2024 were $122 million, an increase of $15 million, or 14%, from Q4 2023 [16]. - Gas Utilities sector sales were $253 million in Q4 2024, unchanged from Q4 2023 [18]. Sales by Sector - DIET sector sales in Q4 2024 were $208 million, a decrease of $46 million, or 18%, from Q4 2023 [19]. - PTI sector sales in Q4 2024 were $203 million, a decrease of $30 million, or 13%, from Q4 2023 [20]. Balance Sheet and Cash Flow - As of December 31, 2024, the company's cash balance was $63 million, with long-term debt of $387 million and net debt of $324 million [21][30]. - The company generated $268 million in operating cash flow from continuing operations for the full year 2024 [21][35]. Strategic Initiatives - The company announced a new joint venture, IMTEC, aimed at simplifying the development of smart meters for gas utilities customers [4]. - MRC Global plans to achieve a net debt leverage ratio of 1.5x by year-end 2025 and expects to generate at least $100 million in cash from operations [4].