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MRC Global Inc. (NYSE: MRC) is a leading global distributor of pipe, valve, and fitting (PVF) products and services catered primarily to the energy and industrial sectors. Established as a vital player in the distribution landscape, MRC Global’s product offerings are critical in the construction, maintenance, and overhaul of equipment operating under extreme conditions.
The company's extensive product catalog includes pipes, valves, fittings, and tubular goods, all of which are essential for controlling the direction, velocity, and pressure of fluids and gases within transmission networks. These products are indispensable in regulating flow and providing on/off services across various industries.
MRC Global’s valve products are particularly significant in ensuring efficient flow management in complex industrial systems. The company's product line not only meets stringent industry standards but also excels in performance under harsh operating environments.
A key aspect of MRC Global’s business model is the provision of specialized services that complement their product offerings. These services are designed to enhance the overall customer experience and foster long-term client relationships.
In recent developments, MRC Global continues to strengthen its market position through strategic partnerships and new project undertakings. The company's financial health remains robust, with a keen focus on operational efficiency and cost management to sustain growth and profitability.
For the latest updates on MRC Global Inc., including financial reports, investor calls, and news, visit their official website or contact their Investor Relations department.
MRC Global Inc. (NYSE: MRC) announced its second quarter 2024 results, reporting net income of $24 million, or $0.28 per diluted share. This marks an improvement from $18 million, or $0.21 per diluted share, in Q2 2023. The company's sales reached $832 million, a 3% increase from Q1 2024. Notably, MRC Global achieved a record Adjusted Gross Profit margin of 22.1% and generated $63 million in operating cash flow for the quarter. The company's Net Debt leverage ratio reached a historic low of 0.4 times. Despite challenges in the US oilfield and project delays in the DIET sector, MRC Global demonstrated resilience with sequential growth in revenue, adjusted EBITDA, and cash flow from operations.
MRC Global (NYSE: MRC) will release its Q2 2024 earnings on August 6, 2024, after market close.
A conference call and webcast will follow on August 7, 2024, at 10:00 a.m. Eastern / 9:00 a.m. Central.
Stakeholders can join the call by dialing 201-689-8261 or via a webcast available on the company's website.
A replay will be accessible until August 21, 2024, by dialing 201-612-7415 with the passcode 13746014#, and the webcast archive will be available for 90 days.
MRC Global (NYSE: MRC) announced on June 13, 2024, that it has been selected as the primary provider of pipe, valves, and fittings (PVF) products and services for ExxonMobil in North America. The agreement encompasses both upstream and downstream facilities, covering maintenance, repair, operations, and project work. MRC Global has been a long-term partner of ExxonMobil for over 35 years. Rob Saltiel, MRC Global's President & CEO, expressed enthusiasm about the continued partnership. John Rudisill, ExxonMobil's Head of Procurement Global Upstream, highlighted MRC Global's product and service breadth, technical expertise, and extensive geographic coverage as key reasons for the selection.
MRC Global (NYSE: MRC) has released its 2024 Sustainability Report, highlighting strategic efforts in several key areas: advancing energy transition, minimizing greenhouse gases (GHG), reducing pollution, and maintaining a safe, diverse workplace. Key accomplishments include a 28% reduction in Scope 1 and 2 emissions compared to 2022, significant contributions to global Energy Transition projects, the company's first baseline water risk assessment, and an 11.5% improvement in the total recordable incident rate over 2022. MRC Global also disclosed its alignment with the Global Reporting Index (GRI) and Sustainable Accounting Standards Board (SASB).
MRC Global (NYSE: MRC) has announced an upgrade in its issuer credit rating from 'B-' to 'B' by S&P Global Ratings, with the outlook adjusted to 'Stable' from 'Developing'.
The upgrade is attributed to MRC Global's ability to address its Term Loan B maturity with cash on hand, expected strong operating cash flow, and reduced debt leverage, while maintaining availability on its asset-based lending facility.
Moody's also revised its outlook on MRC Global to 'Positive' from 'Stable', affirming a corporate family rating of B2 based on improved financial performance and credit profile.
CEO Rob Saltiel expressed satisfaction with the upgrades, highlighting the company's progress in strengthening its balance sheet and generating consistent cash flows.
MRC Global Inc. announced its first quarter 2024 results, revealing a net income of $13 million, a decrease from the previous year, with adjusted net income at $17 million. Gross profit was $163 million, with sales of $806 million showing a 5% improvement from the previous quarter. The company's commitment to capital returns and cash generation resulted in positive EBITDA margins and strong cash flow. While SG&A expenses increased, the company maintained a solid balance sheet and low debt levels.
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