secwatch.observer — SEC 8-K summary
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Issuer:     MRC GLOBAL INC. (—)
CIK:        0001439095
Form:       8-K
Filed at:   2024-05-08T23:59:59+00:00
Accession:  0001437749-24-015409
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1439095/000143774924015409/0001437749-24-015409-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1439095/000143774924015409/mrc20240220_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-015409

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