Mrc Global Inc Stock Price, News & Analysis

MRC Global Inc. (NYSE: MRC) announced that it is involved in a lawsuit filed by Mario Investments LLC, linked to Cornell Capital LLC, aiming to halt the company’s refinancing of its senior secured Term Loan B. MRC Global disputes the claims made in the lawsuit, asserting Cornell Capital lacks consent rights for this refinancing. Despite the legal dispute, the company plans to continue with a refinancing effort for its $295 million Term Loan B, which does not mature until September 2024. MRC Global reports a total liquidity of $638 million and anticipates generating $120 million in operational cash during 2023. The refinancing aims to take advantage of favorable market conditions.

MRC Global (NYSE: MRC), a top distributor of pipe, valves, and fittings, announced plans to amend and refinance its $295 million senior secured Term Loan B, maturing September 2024. The refinancing aims to extend the loan for five years and increase its amount to $300 million. Proceeds will refinance the existing loan and fund general corporate needs. Preliminary Q1 2023 financials show revenues at approximately $885 million, with a net income of $33 million and adjusted EBITDA around $69 million (7.8% of sales). Gross profit reached $179 million (20.2% of sales), indicating strong operational performance. The company forecasts 2023 cash flow from operations to exceed $120 million, enhancing confidence in its outlook. Full Q1 results will be released on May 8, 2023.

MRC Global Inc. (NYSE: MRC) is set to release its first quarter 2023 financial results on May 8, 2023, after market close. The company will host an earnings conference call and webcast on May 9, 2023, at 10:00 a.m. Eastern. Interested parties can access the call via phone or through the company's website. A replay will be available until May 23, 2023. MRC Global specializes in distributing pipe, valves, and fittings (PVF) across various sectors including energy and industrial. With over 100 years in the field, it operates 212 locations and offers 250,000 SKUs to approximately 10,000 customers.

MRC Global Inc. reported strong financial results for the fourth quarter and full year 2022, with a net income of $15 million, or $0.18 per diluted share, compared to a loss in Q4 2021. Full year net income reached $51 million, or $0.60 per diluted share, showing significant improvement over 2021's loss. Sales for 2022 totaled $3.36 billion, a 26% increase, driven by double-digit growth in all sectors. The fourth quarter saw $869 million in sales, up 27% year-over-year. Adjusted EBITDA was $66 million for Q4. The company also increased its 2023 guidance for cash flow from operations to exceed $120 million. MRC retains a positive outlook for continued growth.