MRC Global Postpones Earnings Release, Conference Call and Webcast

Rhea-AI Summary

MRC Global (NYSE: MRC) has announced the postponement of its Q4 and full-year 2024 financial results release and conference call, which were originally scheduled for February 11 and 12, 2025. The delay is attributed to the need for additional time to complete year-end audit procedures, specifically focusing on inventory cycle counts and physical inventory procedures. The company anticipates filing its Form 10-K for the year ended December 31, 2024, by March 3, 2025.

Positive

• None.

Negative

• Delayed financial results release indicates potential audit complications
• Extended time needed for inventory audit procedures suggests possible internal control issues
• Postponement may create uncertainty among investors and analysts

Insights

Financial Analyst

The postponement of MRC Global's earnings release merits serious attention, particularly given the specific focus on inventory cycle counts and physical inventory procedures. In the industrial distribution sector, inventory management is a critical operational component that directly impacts working capital efficiency and financial performance.

Several key considerations emerge from this development:

• The timing of this announcement, just days before the scheduled earnings release, suggests the discovery of matters requiring immediate attention during the final audit procedures.
• The commitment to file Form 10-K by March 3, 2025, indicates the company expects to resolve these matters within the SEC's filing deadline, potentially mitigating some concerns about severe accounting issues.
• Inventory-related audit delays often signal one of several scenarios: discrepancies between recorded and physical inventory levels, valuation issues, or the need for enhanced control procedures.

While audit-related delays can create temporary market uncertainty, the transparent communication about the specific nature of the delay and the expected filing timeline provides some reassurance. However, investors should closely monitor the eventual findings, as inventory management effectiveness is a important metric for evaluating operational efficiency in the industrial distribution sector.

HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) announced that it has postponed the release of its financial results and conference call related to the fourth quarter and full year 2024, which had previously been scheduled for February 11, 2025, and February 12, 2025, respectively. The company will reschedule both events at a later date.

The company is delaying the release of its financial results to allow additional time to complete year-end audit procedures specifically related to inventory cycle counts, including physical inventory procedures. The company expects to file its Form 10-K for the year ended December 31, 2024 on or before March 3, 2025.

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 198 locations including valve and engineering centers. The company’s unmatched quality assurance program offers approximately 200,000 SKUs from approximately 7,100 suppliers, simplifying the supply chain for over 8,300 customers. Find out more at www.mrcglobal.com

This news release contains a forward-looking statement within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The word “expect” (and similar expressions) are intended to identify forward-looking statements. The statement about the company’s expectation of the date of the filing of its Form 10-K for the year ended December 31, 2024 is only its expectation and not a guarantee of the actual filing date. This statement is based on management’s expectations that its audit procedures will be completed to allow the filing by that date.   There is a risk that these procedures would require more time that would delay the filing. Undue reliance should not be placed on the company’s forward-looking statement. Although forward-looking statements reflect the company’s good faith belief, 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 filing date to differ materially from its anticipated date expressed by a forward-looking statement. 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

FAQ

Why did MRC Global postpone its Q4 2024 earnings release?

MRC Global postponed its Q4 2024 earnings release to allow additional time for completing year-end audit procedures, specifically related to inventory cycle counts and physical inventory procedures.

When will MRC Global file its 2024 Form 10-K?

MRC Global expects to file its Form 10-K for the year ended December 31, 2024, on or before March 3, 2025.

What were the original dates for MRC's Q4 2024 earnings release and conference call?

The earnings release was originally scheduled for February 11, 2025, with the conference call planned for February 12, 2025.

What specific audit procedures are causing the delay in MRC's earnings release?

The delay is specifically related to inventory cycle counts and physical inventory procedures that require additional time to complete.