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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. reported a third quarter 2020 sales of $585 million, down 3% sequentially and 38% year-over-year, due to COVID-19 impacts and lower commodity prices. The net loss was $(3) million, equating to $(0.04) per share, contrasting with $15 million profit in Q3 2019. E-commerce revenue reached a record 48% of North America revenues. Operations generated $178 million cash, reducing debt by $150 million. Despite challenges, MRC estimates a year-end debt balance under $300 million and aims for over $220 million in cash flow.
MRC Global Inc. (NYSE: MRC) will release its third quarter 2020 results on October 28, 2020, after market close. A conference call will follow on October 29, 2020, at 10:00 a.m. Eastern to discuss the results. Interested parties can join the call by dialing 412-902-0003 or via webcast at www.mrcglobal.com. A replay will be available until November 12, 2020, using passcode 13709094#. MRC Global is the largest distributor of pipe, valves, and fittings to the energy industry, with approximately 240 service locations worldwide.
MRC Global Inc. (NYSE: MRC) reported a second quarter 2020 net loss of $287 million, marking a significant decline from a net income of $18 million in Q2 2019. Sales were $602 million, down 24% sequentially and 39% year-over-year, primarily due to COVID-19 impacts and low commodity prices. Gross profit fell to $79 million (13.1% of sales) from $174 million (17.7% of sales) a year ago. The company aims to achieve over $100 million in cost savings in 2020 and has reduced net debt by $64 million in H1 2020. A conference call is scheduled for July 29, 2020.