MRC GLOBAL INC. - MRC STOCK NEWS

MRC Global announced its second quarter 2022 results, reporting $8 million net income, equating to $0.09 per diluted share, an improvement from a net loss of ($2) million in Q2 2021. The company's sales reached $848 million, a 14% sequential increase and 24% year-over-year growth. Adjusted EBITDA stood at $65 million, representing a 7.7% margin, the highest since 2014. The backlog grew 12% sequentially and 43% since year-end 2021. Overall, all sectors showed double-digit growth, particularly in gas utilities and industrial sectors.

MRC Global Inc. (NYSE: MRC) reported a strong financial performance in the first half of 2022, prompting an increase in its 2022 guidance. The company targets revenue of $3.3 billion, a 24% increase from 2021, and adjusted EBITDA of $230 million, a 58% rise. Preliminary results indicate approximately 14% growth in second quarter sales compared to the first quarter, driven by strong performance in Gas Utilities and the Downstream, Industrial, and Energy Transition sectors. The adjusted EBITDA margin for Q2 is expected to be around 7.5%, marking the best quarterly performance since 2018.

MRC Global Inc. (NYSE: MRC) published its 2022 Environmental, Social Responsibility & Corporate Governance Report, outlining its commitment to sustainability and ethical operations. Key initiatives include reducing greenhouse gas emissions and carbon footprint, enhancing workplace safety, and promoting diversity. Notably, renewable electricity usage increased to 44%, carbon emissions from its fleet dropped by 10%, and the female representation in top positions rose to 24%. These efforts align with UN Sustainable Development Goals, reflecting MRC Global's dedication to integrating Environmental, Social, and Governance (ESG) principles into its business strategy.

MRC Global Inc. (NYSE: MRC) is set to release its second quarter 2022 earnings on August 8, 2022, after market close. A conference call to discuss the results will be held on August 9, 2022, at 10:00 a.m. Eastern. Investors can join via phone or webcast. The earnings report will cover MRC's performance across its diversified sectors, including gas utilities and energy transition. A replay of the call will be available until August 23, 2022. MRC Global is a major distributor of pipe, valves, fittings, and other infrastructure products.

MRC Global Inc. (NYSE: MRC) has been appointed as the primary provider of pipe, valves, and fittings (PVF) for Chalmette Refining's Renewable Diesel Project in St. Bernard Parish, Louisiana. This project, a subsidiary of PBF Energy Inc., aims to process renewable materials like soybean and corn oil into feedstocks, with a capacity of 20,000 barrels per day expected to start in H1 2023. MRC Global continues to supply PVF products and services to PBF’s six U.S. refineries, demonstrating its strong relationship and expertise in the energy sector.

MRC Global reported strong Q1 2022 results, featuring a net income of $10 million, or $0.12 per diluted share, compared to a net loss of $9 million in Q1 2021. Adjusted net income rose to $15 million from a loss of $6 million a year ago. Sales reached $742 million, an 8% sequential increase and 22% year-over-year growth. Adjusted EBITDA doubled to $48 million with a margin improvement of 260 basis points. Backlog surged 28% to $667 million, prompting an increase in 2022 sales outlook to $3.1 billion. SG&A expenses decreased as a percentage of sales, reflecting improved operational efficiency.

MRC Global Inc. (NYSE: MRC) will announce its first quarter 2022 results on May 9, 2022, after market closure. A conference call to discuss these results will occur on May 10, 2022, at 10:00 a.m. Eastern / 9:00 a.m. Central. Interested participants can join via phone or webcast. The replay will be accessible until May 24, 2022. MRC Global, based in Houston, Texas, is a major global distributor of pipe, valves, and fittings, serving various markets including industrial and energy sectors, with over 100 years of experience and a vast product selection.

MRC Global Inc. (NYSE: MRC) has been awarded contracts by Aker Solutions AS to supply valves, instrumentation, and piping for the Sunrise Wind offshore wind project off Long Island, New York. This 924 MW project aims to power nearly 600,000 homes with renewable energy and is set to be operational by 2025. MRC Global will provide approximately 1,000 valves and over 20,600 feet of piping, showcasing its capabilities in supporting energy transition initiatives. The project will contribute significantly to New York's clean energy goals.