---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-015409"
form_type: "8-K"
ticker: null
cik: "0001439095"
company_name: "MRC GLOBAL INC."
filed_at: "2024-05-08T23:59:59+00:00"
generated_at: "2026-06-02T09:39:05.104487+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-24-015409
- form_type: 8-K
- cik: 0001439095
- company_name: MRC GLOBAL INC.
- filed_at: 2024-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1439095/000143774924015409/0001437749-24-015409-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1439095/000143774924015409/mrc20240220_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-015409
- JSON: https://secwatch.observer/filing/0001437749-24-015409.json
- Plain text: https://secwatch.observer/filing/0001437749-24-015409.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1439095/000143774924015409/0001437749-24-015409-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.