Financial Performance - MRC Global reported a net income from continuing operations of $8 million for Q1 2025, down from $20 million in Q1 2024. Adjusted net income from continuing operations was $12 million in Q1 2025 compared to $24 million in Q1 2024 [5][6][12] - The company's sales for Q1 2025 were $712 million, an 8% decrease from $777 million in Q1 2024 but a 7% increase from $665 million in Q4 2024 [11][14][15] - Gross profit for Q1 2025 was $142 million, representing 19.9% of sales, compared to $159 million or 20.5% of sales in Q1 2024. Adjusted gross profit was $153 million or 21.5% of sales in Q1 2025, down from $170 million or 21.9% in Q1 2024 [7][10][44] Market Segments - U.S. sales in Q1 2025 were $591 million, a decrease of $76 million or 11% from Q1 2024, with notable declines in the PTI and DIET sectors. However, Gas Utilities sector revenue increased by $8 million or 3% [15][19] - International sales for Q1 2025 were $121 million, up $11 million or 10% from the same period in 2024, driven by growth in the PTI sector [17][18] Backlog and Future Outlook - As of April 30, 2025, the company's backlog increased by 13% compared to year-end levels, totaling $603 million, indicating strong demand across all market sectors [3][23] - The company anticipates that second quarter revenues will increase sequentially by a high-single to low-double digit percentage due to backlog growth and improving project visibility [3] Cash Flow and Debt - Operating cash flows from continuing operations were $21 million in Q1 2025, with a net debt leverage ratio of 1.7 times as of March 31, 2025 [11][24][68] - The company had a cash balance of $63 million and total long-term debt of $371 million as of March 31, 2025 [24][68] Shareholder Returns - MRC Global has initiated a share buyback program in Q2 2025, taking advantage of recent stock market volatility to repurchase shares at attractive prices [4]