Mrc Global Inc Stock Price, News & Analysis

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.

MRC Global reported its fourth quarter and full year 2021 results, showing signs of recovery despite ongoing challenges. The company posted a net loss of $10 million for Q4 2021, improved from a $11 million loss in Q4 2020. For the full year, the net loss decreased to $38 million from $298 million in 2020. Fourth quarter sales reached $686 million, up 18% year-over-year. Adjusted EBITDA stood at $47 million, marking a significant increase. MRC anticipates double-digit revenue growth across all U.S. sectors for 2022, targeting at least $3 billion in revenue and $190 million in adjusted EBITDA.

MRC Global Inc. announced the retirement of Chairman Rhys J. Best, effective after the company's annual stockholder meeting on May 5, 2022. Best has served on the board for 15 years, contributing significantly to MRC's IPO in 2012. The board has nominated Robert L. Wood as the new Chairman, contingent on his re-election. Wood has been a board member since 2015 and serves as the chairman of the compensation committee. The transition aims to leverage Wood's experience in the downstream industry to benefit MRC Global's future operations.