MRC Global Inc. reported operating and financial developments for a business organized around U.S. Gas Utilities, DIET and PTI sector activity. Company updates addressed results from continuing operations, sales trends tied to gas utility spending, chemical projects, mining activity, refining turnarounds and midstream natural gas pipeline work, as well as backlog, shipment and invoicing trends.
Recurring news also covered capital actions and corporate-status matters, including share repurchases, material agreements, shareholder voting matters and capital-structure disclosures. The sale of the Canada business was reflected as discontinued operations, and later company developments included merger-related status disclosures affecting MRC Global's common stock.
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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