MRC Global records 3% sales increase
MRC Global Inc. reported second quarter net income attributable to common stockholders wasf $18 million, a significant jump from $8 million during the same quarter of 2022. Q2 gross profit was $175 million, or 20.1% of sales, as compared to the second quarter 2022 gross profit of $151 million, or 17.8% of sales.
Second Quarter 2023 Financial Highlights:
- Sales of $871 million, a 3% improvement compared to the same quarter a year ago
- Adjusted Gross Profit, as a percentage of sales, of 21.5%, an increase of 30 basis points compared to the first quarter of 2023
- Adjusted EBITDA of $63 million, or 7.2% of sales and our 5th consecutive quarter above 7%
- Cash Flow from operations of $20 million during the quarter
“Our second quarter results delivered revenue growth over last year, better-than-expected cash flow generation and strong adjusted gross profit margins," said Rob Saltiel, president and CEO. "We expanded our revenue backlog in the quarter, aided by gains in our International segment and our DIET sector.
“We are anticipating lower annual growth in 2023 for our U.S. segment than previously forecast due primarily to a slower ramp-up in our gas utilities sector sales during the current construction season," he added. "Although the long-term growth fundamentals of this sector remain intact, several key gas utilities customers are currently focused on reducing their product inventory levels over the next few quarters due to more certainty in the supply chain and associated lead times. As a result, we expect full-year revenues to increase in the upper single-digit percentage range, compared to 2022 levels, an adjustment to our prior guidance."
View more details here.
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