However, lower volume driven by deferred activity in the gas utilities sector didn't stop the company from modest full-year growth.
Latest In MRC Global (McJunkin-Red Man)
The company’s sales were $888 million for the third quarter of 2023, which was 2% higher than the second quarter of 2023.
Engine Capital reportedly said the PVF distributor could net $14 to $18 per share in a sale as a premium to its current stock price.
MRC Global will remain a supplier of Shell’s pipe, valves and fittings through 2028 under a global supply agreement.
The year-over-year growth was down from the 19% reported during the company's 2023 first quarter.
See the key financial figures reported by five major industrial distributors.
A new report states a majority of economists now think a would-be recession is coming later than expected. It suggests a softer economic landing as distributors continue to report strong financials.
The industrial PVF products distributor reported 4Q sales of $869 million, an increase of 27% compared to the same quarter in 2021.
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Third-quarter sales reached $904 million, a 7% sequential increase from the second quarter of 2022 and a 32% improvement over 3Q 2021.
New markets and overhauled operations are producing major dividends at leading distributors DXP Enterprises, NOW Inc. and MRC Global.
The PVF products distributor saw its best adjusted EBITDA margin since 2014 amid double-digit growth in each of its end-market sectors.
Fastenal, MSC Industrial Supply, MRC Global and more have voiced considerable optimism despite numerous economic red flags.
The distributor also said annual revenue is now targeted at $3.3 billion, up from the previous guidance of $3.1 billion.
Emily Shields has been with MRC since 2013 as a leader in the company’s litigation and compliance efforts as well as other corporate matters.
The company said it enhanced its internal ESG Committee with executive-level leaders to further integrate ESG into its business strategy.
Despite impressive first-quarter sales and profit numbers for major distributors, stakeholders may still notice a hint of caution in the air as the calendar turns to summer. Download MDM's May 2022 Premium Monthly issue to read more.
Impressive sales and profits for MRC Global, DNOW and DXP Enterprises are nearly back to or already exceed their pre-pandemic levels.
The distributor reported 2022 first-quarter gross profit of $136 million, compared to $103 million during the same quarter in 2021.
Year-end reports of publicly traded distributors support Q4 Baird-MDM Quarterly Industrial Distribution Survey results. Public company commentary remains optimistic for strong year.
