MRC Global Q1 net income falls to $13M; sales $806M, down 9% YoY but up 5% sequentially

MRC GLOBAL INC.

2024-Q1 EPS reported $0.15 revenue$806,000,000

Net income of $13M ($0.15 diluted EPS) vs $28M ($0.33) in Q1 2023; adjusted EPS $0.20.
Sales $806M, down 9% YoY but up 5% sequentially; adjusted gross margin 21.6% (8th consecutive quarter above 21%).
Adjusted EBITDA $57M (7.1% of sales) vs $69M; operating cash flow $38M.
Net debt leverage ratio 0.6x, lowest ever; plans to repay Term Loan B in Q2.
U.S. sales down 10% YoY; Gas Utilities down 13% due to customer inventory reduction.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MRC GLOBAL INC. reported the three months ended March 31, 2024 results: revenue $806 million, net income $13 million, EPS $0.15 per diluted share.

Period: the three months ended March 31, 2024
Revenue: $806 million
Net income: $13 million
EPS: $0.15 per diluted share
Result: reported results

Exact text from the filing

and was $188 million, or 21.2% of sales, for the first quarter of 2023 . First Quarter 2024 Financial Highlights: ● Cash flow provided by operations of $38 million ● Sales of $806 million, a 5% improvement compared to the fourth quarter of 2023 ● Adjusted Gross Profit, as a percentage of sales, of 21.6% , and eight consecutive quarters above 21% ● Adjusted EBITDA

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Source: SEC EDGAR

accession 0001437749-24-015409

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