Mrc Global Inc · Q2 2024 earnings

Briefing

MRC Global's financial performance saw sequential growth in revenue, adjusted EBITDA, and cash flow from operations, driven by increases in the Gas Utilities and PTI sectors, despite slowing activity in the US oilfield and project delays in the DIET sector.

MRC Global reported Q2 2024 sales of $832 million, a 4% decrease compared to Q2 2023. Net income attributable to common stockholders was $24 million, or $0.28 per diluted share, compared to $18 million, or $0.21 per diluted share, in Q2 2023. Adjusted EBITDA was $65 million, or 7.8% of sales. The company repaid its Term Loan B and reduced net debt to $103 million.

• Sales were $832 million, a 4% decrease compared to the same quarter last year.
• Net income attributable to common stockholders was $24 million, or $0.28 per diluted share.
• Adjusted EBITDA was $65 million, or 7.8% of sales.
• The company repaid its Term Loan B and reduced net debt to an all-time low of $103 million.

Headline financials

Revenue & EPS history

The company expects to generate significant cash over the next few years, which should further strengthen its balance sheet and provide flexibility to consider various capital allocation alternatives.