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Pipe, valves and fittings distributor MRC Global Inc. (NYSE: MRC), Houston, TX, reported sales for the first quarter of $1.3 billion, flat from the prior-year quarter. Profit decreased 49.1 percent to $23.5 million.
"As we previously discussed, inclement weather negatively impacted first quarter 2014 sales in some regions of the U.S. in January and February," said Andrew Lane, president and CEO. "However, we saw an increase in activity late in the quarter, which contributed to organic growth in the upstream sector across all segments. The outlook for the remainder of 2014 is encouraging."
U.S. sales in the first quarter were down 1.8 percent year-over-year to $948 million.Canadian sales were $166.2 million, down 18.7 percent.
International sales increased 41.9 percent to $191.5 million, due primarily to sales from the Stream and Flangefitt acquisitions.