MRC Global Announces Preliminary First Quarter 2025 Results
MRC Global (NYSE: MRC) has reported preliminary Q1 2025 results with revenue reaching $710 million, marking a 7% sequential increase. The company achieved net income of approximately $7 million and Adjusted EBITDA of $35 million (4.9% of sales).
The US segment led growth with notable increases across sectors: 13% in DIET (downstream, industrial and energy transition), 8% in Gas Utilities, and 6% in PTI (production and transmission infrastructure). The company's US backlog has grown by over 20% since the start of 2025.
Management anticipates high-single to low-double digit percentage increase in sequential sales for Q2 2025. The company also plans to initiate its $125 million share repurchase program in Q2, taking advantage of recent share price volatility.
MRC Global (NYSE: MRC) ha comunicato i risultati preliminari del primo trimestre 2025 con ricavi pari a 710 milioni di dollari, segnando un aumento sequenziale del 7%. L'azienda ha registrato un utile netto di circa 7 milioni di dollari e un EBITDA rettificato di 35 milioni di dollari (4,9% delle vendite).
Il segmento USA ha guidato la crescita con incrementi significativi in diversi settori: 13% nel DIET (downstream, industriale e transizione energetica), 8% nelle Gas Utilities e 6% nel PTI (produzione e infrastrutture di trasmissione). Il portafoglio ordini negli USA è cresciuto di oltre il 20% dall’inizio del 2025.
La direzione prevede un aumento delle vendite sequenziali nel secondo trimestre 2025 che va da una percentuale a una cifra alta fino a una a doppia cifra bassa. Inoltre, la società intende avviare nel secondo trimestre un programma di riacquisto azionario da 125 milioni di dollari, sfruttando la recente volatilità del prezzo delle azioni.
MRC Global (NYSE: MRC) ha informado resultados preliminares del primer trimestre de 2025 con ingresos que alcanzaron los 710 millones de dólares, lo que representa un aumento secuencial del 7%. La compañía logró un ingreso neto de aproximadamente 7 millones de dólares y un EBITDA ajustado de 35 millones de dólares (4,9% de las ventas).
El segmento de EE.UU. lideró el crecimiento con incrementos notables en varios sectores: 13% en DIET (downstream, industrial y transición energética), 8% en Gas Utilities y 6% en PTI (producción e infraestructura de transmisión). La cartera de pedidos en EE.UU. ha crecido más del 20% desde comienzos de 2025.
La dirección anticipa un aumento secuencial en ventas para el segundo trimestre de 2025 que oscila entre un dígito alto y un dígito bajo doble. La compañía también planea iniciar en el segundo trimestre un programa de recompra de acciones de 125 millones de dólares, aprovechando la reciente volatilidad del precio de las acciones.
MRC Global (NYSE: MRC)는 2025년 1분기 잠정 실적을 발표했으며, 매출은 7억 1,000만 달러로 전분기 대비 7% 증가했습니다. 회사는 약 700만 달러의 순이익과 매출의 4.9%에 해당하는 3,500만 달러의 조정 EBITDA를 기록했습니다.
미국 부문이 성장세를 주도했으며, 주요 부문별 증가율은 DIET 13% (다운스트림, 산업 및 에너지 전환), 가스 유틸리티 8%, PTI 6% (생산 및 송전 인프라)입니다. 2025년 초 이후 미국 내 수주 잔고는 20% 이상 증가했습니다.
경영진은 2025년 2분기 매출이 전분기 대비 한 자릿수 후반에서 두 자릿수 초반까지 증가할 것으로 예상합니다. 또한 최근 주가 변동성을 활용하여 2분기에 1억 2,500만 달러 규모의 자사주 매입 프로그램을 시작할 계획입니다.
MRC Global (NYSE : MRC) a publié des résultats préliminaires pour le premier trimestre 2025, avec un chiffre d'affaires atteignant 710 millions de dollars, soit une hausse séquentielle de 7 %. La société a réalisé un bénéfice net d'environ 7 millions de dollars et un EBITDA ajusté de 35 millions de dollars (4,9 % des ventes).
Le segment américain a porté la croissance avec des augmentations notables dans plusieurs secteurs : 13 % dans le DIET (aval, industriel et transition énergétique), 8 % dans les services de gaz et 6 % dans le PTI (production et infrastructures de transmission). Le carnet de commandes américain a augmenté de plus de 20 % depuis le début de 2025.
La direction prévoit une hausse séquentielle des ventes au deuxième trimestre 2025, allant d’un pourcentage élevé à un chiffre à un pourcentage bas à deux chiffres. La société prévoit également de lancer au deuxième trimestre un programme de rachat d’actions de 125 millions de dollars, tirant parti de la récente volatilité du cours de l’action.
MRC Global (NYSE: MRC) hat vorläufige Ergebnisse für das erste Quartal 2025 gemeldet, mit einem Umsatz von 710 Millionen US-Dollar, was einer sequenziellen Steigerung von 7 % entspricht. Das Unternehmen erzielte einen Nettogewinn von etwa 7 Millionen US-Dollar und ein bereinigtes EBITDA von 35 Millionen US-Dollar (4,9 % des Umsatzes).
Das US-Segment führte das Wachstum mit deutlichen Zuwächsen in den Bereichen: 13 % im DIET (Downstream, Industrie und Energiewende), 8 % bei Gasversorgungsunternehmen und 6 % im PTI (Produktion und Übertragungsinfrastruktur). Der Auftragsbestand in den USA ist seit Anfang 2025 um über 20 % gewachsen.
Das Management erwartet für das zweite Quartal 2025 einen sequenziellen Umsatzanstieg im hohen einstelligen bis niedrigen zweistelligen Prozentbereich. Zudem plant das Unternehmen, im zweiten Quartal ein Aktienrückkaufprogramm in Höhe von 125 Millionen US-Dollar zu starten, um die jüngste Kursvolatilität zu nutzen.
- Revenue increased 7% sequentially to $710 million
- US backlog up over 20% since start of 2025
- Strong sector growth: DIET +13%, Gas Utilities +8%, PTI +6%
- Announcement of $125 million share repurchase program
- Positive Q2 outlook with projected high-single to low-double digit sales growth
- Relatively low net income of $7 million compared to revenue
- Modest EBITDA margin at 4.9% of sales
- Potential headwinds acknowledged in global economy
Insights
MRC Global reports 7% revenue growth with strong US backlog and share repurchase plan signaling positive operational momentum despite thin margins.
MRC Global's preliminary Q1 2025 results reveal several positive indicators worth noting. The
Let's dissect the segment performance: US operations were the primary growth driver with impressive gains across multiple sectors -
From a profitability perspective, the
The announced
The projected high-single to low-double digit sequential revenue growth for Q2 positions MRC for potentially strengthening momentum through 2025, though investors should note these preliminary results remain subject to finalization during the normal quarterly review process.
MRC's segment growth in Gas Utilities and DIET sectors signals positive positioning within energy transition landscape despite broader market volatility.
MRC Global's segment performance provides valuable insight into current energy market dynamics. The notable
The Gas Utilities rebound mentioned by CEO Saltiel indicates recovering infrastructure investment in natural gas distribution - a critical bridge fuel in the energy transition. This growth suggests utilities are accelerating pipeline replacement and infrastructure modernization projects that had potentially been delayed in previous quarters.
The
The
The reference to "potential headwinds in the global economy" suggests management is maintaining appropriate caution despite current positive momentum. However, the
MRC's strategy of diversifying across traditional energy sectors while developing energy transition capabilities appears to be yielding results. The company has effectively balanced exposure across upstream, midstream, and downstream segments while building momentum in emerging energy infrastructure areas - a difficult balance many competitors have struggled to achieve.
HOUSTON, April 16, 2025 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) today announced selected preliminary first quarter 2025 results from continuing operations.
Preliminary First Quarter 2025 Financial Highlights:
- Revenue of approximately
$710 million , a7% sequential increase - Net income from continuing operations of approximately
$7 million - Adjusted EBITDA of approximately
$35 million , or4.9% of sales - Gross Profit of approximately
$142 million , or20.0% of sales - Adjusted Gross Profit of approximately
$153 million , or21.5% of sales - Cash flow provided by continuing operations of approximately
$20 million
Rob Saltiel, MRC Global’s President and CEO stated, “I am very pleased with our strong start to the year, with activity levels and margins exceeding expectations. Our US segment drove the sequential revenue increase, led by
“Although we recognize the potential for headwinds in the global economy, we believe the strong rebound in our Gas Utilities business, coupled with healthy activity levels in DIET and a favorable PTI customer mix, position us well for future success. The recent volatility in our share price also provides an opportunity for us to begin execution of our
Additional first quarter 2025 earnings and annual outlook information will be provided in the company’s upcoming earnings release and earnings call in May.
Adjusted Gross Profit and Adjusted EBITDA are non-GAAP measures. Please refer to the reconciliations of Adjusted Gross Profit and Adjusted EBITDA to their nearest GAAP measures in this release. As used in this release, DIET refers to business in our downstream, industrial and energy transition sector, and PTI refers to business in our production and transmission infrastructure sector with respect to our upstream and midstream oil and gas customers.
The company has prepared the estimates presented above in good faith based upon the company's internal reporting and expectations as of and for the three months ended March 31, 2025. These estimates are preliminary, unaudited, subject to completion, reflect the company's current good faith estimates and may be revised as a result of management's further review of the company's results. The company and its auditors have not completed the normal quarterly review procedures as of and for the three months ended March 31, 2025, and there can be no assurance that the company's final results for this quarterly period will not differ from these estimates. Any such differences could be material. During the course of the preparation of the company's consolidated financial statements and related notes as of and for the three months ended March 31, 2025, the company may identify items that would require it to make material adjustments to the preliminary financial information. These estimates should not be viewed as a substitute for full interim financial statements prepared in accordance with GAAP. In addition, these preliminary estimates as of and for the three months ended March 31, 2025 are not necessarily indicative of the results to be achieved for the remainder of 2025 or any future period.
About MRC Global Inc.
Headquartered in Houston, Texas, MRC Global (NYSE: MRC) is the leading global distributor of pipe, valves, fittings (PVF) and other infrastructure products and services to diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission infrastructure sectors. With over 100 years of experience, MRC Global has provided customers with innovative supply chain solutions, technical product expertise and a robust digital platform from a worldwide network of approximately 200 locations including valve and engineering centers. The company’s unmatched quality assurance program offers approximately 200,000 SKUs from over 7,100 suppliers, simplifying the supply chain for over 8,300 customers. Find out more at www.mrcglobal.com.
This news release 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,” “estimate”, “believe” 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 increase for its second quarter of 2025 are not guarantees of future performance. These statements are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, most of which are difficult to predict and many of which are beyond MRC Global’s control, including the factors described in the company’s SEC filings that may cause the company’s actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements.
These risks and uncertainties include (among others) decreases in oil and natural gas prices; decreases in oil and natural gas industry expenditure levels, which may result from decreased oil and natural gas prices or other factors; U.S. and international general economic conditions; the company's ability to compete successfully with other companies in MRC Global's industry; the risk that manufacturers of the products the company distributes will sell a substantial amount of goods directly to end users in the industry sectors the company serves; unexpected supply shortages; cost increases by the company's suppliers; the company's lack of long-term contracts with most of its suppliers; suppliers' price reductions of products that the company sells, which could cause the value of the company's inventory to decline; decreases in steel prices, which could significantly lower MRC Global's profit; increases in steel prices, which the company may be unable to pass along to its customers which could significantly lower its profit; the company's lack of long-term contracts with many of its customers and the company's lack of contracts with customers that require minimum purchase volumes; changes in the company's customer and product mix; risks related to the company's customers' creditworthiness; the success of the company's acquisition strategies; the potential adverse effects associated with integrating acquisitions into the company's business and whether these acquisitions will yield their intended benefits; the company's significant indebtedness; the dependence on the company's subsidiaries for cash to meet its obligations; changes in the company's credit profile; a decline in demand for certain of the products the company distributes if import restrictions on these products are lifted or imposed; significant substitution of alternative fuels for oil and gas; environmental, health and safety laws and regulations and the interpretation or implementation thereof; the sufficiency of the company's insurance policies to cover losses, including liabilities arising from litigation; product liability claims against the company; pending or future asbestos-related claims against the company; the potential loss of key personnel; adverse health events such as a pandemic; interruption in the proper functioning of the company's information systems and the occurrence of cyber security incidents; loss of third-party transportation providers; potential inability to obtain necessary capital; risks related to adverse weather events or natural disasters; impairment of the company’s goodwill or other intangible assets; adverse changes in political or economic conditions in the countries in which the company operates; exposure to U.S. and international laws and regulations, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act and other economic sanction programs; risks associated with international stability and geopolitical developments; risks relating to ongoing evaluations of internal controls required by Section 404 of the Sarbanes-Oxley Act; risks related to the company's intention not to pay dividends; and risks arising from compliance with and changes in law in the countries in which we operate, including (among others) changes in tax law, tax rates and interpretation in tax laws.
For a discussion of key risk factors, please see the risk factors disclosed in the company’s SEC filings, which are available on the SEC’s website at www.sec.gov and on the company’s website, www.mrcglobal.com. MRC Global’s filings and other important information are also available on the Investor Relations page of the company’s website at www.mrcglobal.com.
Undue reliance should not be placed on the company’s forward-looking statements. Although forward-looking statements reflect the company’s good faith beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the company’s actual results, performance or achievements or future events to differ materially from anticipated future results, performance or achievements or future events expressed or implied by such forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent required by law.
Contact:
Monica Broughton
VP, Investor Relations & Treasury
MRC Global Inc.
Monica.Broughton@mrcglobal.com
832-308-2847
MRC Global Inc.
Supplemental Information (Unaudited)
Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA (a non-GAAP measure)
(in millions)
| Three Months Ended | ||||||||
| March 31, | Percentage | |||||||
| 2025 | of Revenue | |||||||
| Net income from continuing operations | $ | 7 | 1.0 | % | ||||
| Income tax expense | 1 | 0.1 | % | |||||
| Interest expense | 9 | 1.3 | % | |||||
| Depreciation and amortization | 5 | 0.7 | % | |||||
| Amortization of intangibles | 5 | 0.7 | % | |||||
| Increase in LIFO reserve | 1 | 0.1 | % | |||||
| Equity-based compensation expense | 4 | 0.6 | % | |||||
| Internal control remediation | 2 | 0.3 | % | |||||
| Non-recurring other legal and consulting costs | 1 | 0.1 | % | |||||
| Adjusted EBITDA | $ | 35 | 4.9 | % | ||||
Notes to above:
The company defines Adjusted EBITDA in this release as net income from continuing operations plus interest, income taxes, depreciation and amortization, amortization of intangibles, and certain other expenses, including non-cash expenses, (such as equity-based compensation, severance and restructuring, changes in the fair value of derivative instruments and asset impairments, including inventory), inventory-related charges incremental to normal operations, and plus or minus the impact of its LIFO inventory costing methodology. The company presents Adjusted EBITDA because the company believes Adjusted EBITDA is a useful indicator of the company’s operating performance. Among other things, Adjusted EBITDA measures the company’s operating performance without regard to certain non-recurring, non-cash or transaction-related expenses. Adjusted EBITDA, however, does not represent and should not be considered as an alternative to net income, cash flow from operations or any other measure of financial performance calculated and presented in accordance with GAAP. Because Adjusted EBITDA does not account for certain expenses, its utility as a measure of the company’s operating performance has material limitations. Because of these limitations, the company does not view Adjusted EBITDA in isolation or as a primary performance measure and also uses other measures, such as net income and sales, to measure operating performance. See the company's Annual Report filed on Form 10-K for a more thorough discussion of the use of Adjusted EBITDA.
MRC Global Inc.
Supplemental Information (Unaudited)
Reconciliation of Gross Profit to Adjusted Gross Profit (a non-GAAP measure)
(in millions)
| Three Months Ended | ||||||||
| March 31, | Percentage | |||||||
| 2025 | of Revenue | |||||||
| Gross profit, as reported | $ | 142 | 20.0 | % | ||||
| Depreciation and amortization | 5 | 0.7 | % | |||||
| Amortization of intangibles | 5 | 0.7 | % | |||||
| Increase in LIFO reserve | 1 | 0.1 | % | |||||
| Adjusted Gross Profit | $ | 153 | 21.5 | % | ||||
Notes to above:
The company defines Adjusted Gross Profit as sales, less cost of sales, plus depreciation and amortization, plus amortization of intangibles, plus inventory-related charges incremental to normal operations and plus or minus the impact of its LIFO inventory costing methodology. The company presents Adjusted Gross Profit because the company believes it is a useful indicator of the company’s operating performance without regard to items, such as amortization of intangibles, that can vary substantially from company to company depending upon the nature and extent of acquisitions of which they have been involved. Similarly, the impact of the LIFO inventory costing method can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO and depending upon which method they may elect. The company uses Adjusted Gross Profit as a key performance indicator in managing its business. The company believes that gross profit is the financial measure calculated and presented in accordance with U.S. generally accepted accounting principles that is most directly comparable to Adjusted Gross Profit.
FAQ
What is MRC Global's revenue growth in Q1 2025?
How much is MRC's share repurchase program worth and when will it start?
What was MRC Global's DIET sector growth in Q1 2025?
What is MRC Global's backlog growth in 2025?
