Mrc Global Inc Stock Price, News & Analysis

MRC Global (NYSE: MRC) has announced a delay in filing its 2024 Form 10-K, now expected to be submitted to the SEC by March 18, 2025. The company will file a Form 12b-25 for the extended filing period.

The delay is attributed to additional time needed to complete year-end procedures, specifically related to inventory counts and physical inventory procedures. While all required physical inventory counts have been completed, the company needs more time to finalize the analysis and incorporate results into financial statements.

Based on current progress, MRC Global does not anticipate any material net inventory adjustment for 2024 results or restatement of prior periods. The company will separately announce the timing of its fourth quarter and full year 2024 earnings release and conference call.

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.

MRC Global (NYSE: MRC) has announced a new $125 million share repurchase program authorized by its Board of Directors, effective until January 2, 2028. The company can execute the program through various means including open market transactions, block purchases, and privately negotiated transactions, in compliance with federal securities laws.

CEO Rob Saltiel emphasized that this decision reflects confidence in the company's future and improved financial flexibility due to recent balance sheet strengthening. The company's capital allocation strategy focuses on maintaining a net debt leverage ratio below 1.5x, returning cash to shareholders, and investing in growth. The repurchase program is expected to commence in Q2, with timing and execution details to be determined based on market conditions and other factors.

MRC Global (NYSE: MRC) has announced it will release its fourth quarter and full year 2024 financial results on February 11, 2025, after market close. The company will host a conference call and webcast on February 12, 2025, at 10:00 a.m. Eastern / 9:00 a.m. Central time. Investors can access the call by dialing 201-689-8261 or via webcast through the company's website. A replay will be available until February 26, 2025, by dialing 201-612-7415 with passcode 13746018#, and the webcast will be archived on the company's website for 90 days.

MRC Global (NYSE: MRC) announced the sale of its Canada operations to Emco The strategic divestiture aims to focus on core geographies and product offerings with stronger growth and profit potential. The sale is expected to be accretive to the company's adjusted gross margins and adjusted EBITDA margins.

The transaction will result in a pre-tax, non-cash loss on discontinued operations of approximately US $25 million in Q4 2024. The deal is expected to close in H1 2025, subject to Canadian regulatory approval. MRC Global plans to use the proceeds for debt reduction. CIBC served as financial advisor, with Norton Rose Fulbright and McCarthy Tétrault LLP providing legal counsel.

MRC Global has announced the successful amendment of its asset-based revolving loan facility (ABL), extending its maturity to November 2029. The amended ABL maintains a $750 million committed borrowing capacity with borrowing rates of Term SOFR plus 1.25% to 1.75% margin, based on the company's fixed charge coverage ratio. This transaction, combined with their recently announced 7-year Term Loan B, aims to strengthen the company's capital structure and reduce dependency on near-term capital markets for credit support.

MRC Global (NYSE: MRC) has appointed Deborah G. (Debbie) Adams as its new Board Chair, succeeding Robert L. Wood who retired for personal reasons. Adams, who joined the board in 2017, has been serving as chair of the Compensation & Human Capital Committee since 2022. She previously held executive positions at Phillips 66 as senior VP of health, safety and environmental, projects and procurement (2014-2016), and at ConocoPhillips as division president of transportation (2008-2014). The company highlighted her extensive experience in the energy industry and her potential contribution to maximizing shareholder value.

MRC Global reported Q3 2024 results with net income of $23 million ($0.27 per diluted share), down from $29 million ($0.33 per diluted share) in Q3 2023. Sales decreased 10% year-over-year to $797 million. The company generated strong operating cash flow of $96 million in Q3, bringing 2024 total to $197 million. Gross profit was $160 million (20.1% of sales), compared to $183 million (20.6%) in Q3 2023. The company raised full-year operating cash flow guidance to $220 million or more. Notable achievements include a record low Net Working Capital at 14.3% of sales and a Net Debt leverage ratio of 0.1 times.

MRC Global has secured a new $350 million Senior Secured Term Loan B maturing in 2031. The company used the loan proceeds, along with borrowings from its asset-based lending facility, to repurchase all 363,000 shares of its 6.50% Series A Convertible Perpetual Preferred Stock for $361 million plus accrued dividends from Mario Investments The company expects this transaction to be accretive to both cash generation and earnings per share in 2025 and beyond, while simplifying its capital structure and eliminating potential equity dilution. MRC Global's asset-based lending facility amendment, extending maturity to 2029, is expected to be finalized in November 2024.