Impressive sales and profits for MRC Global, DNOW and DXP Enterprises are nearly back to or already exceed their pre-pandemic levels.
Latest In MRC Global (McJunkin-Red Man)
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.
Pipes, valves and fittings distributor MRC Global Inc. reported 2021 4Q sales of $686 million, an 18% increase over 2020.
Rhys J. Best will retire upon completion of his term as a director at the annual meeting of the company’s stockholders in May, the company said.
The global distributor of pipe, valves and fittings and infrastructure products had sales of $685 million in the third quarter of 2021.
The pipes, valves and fittings distributor saw sales improve and significantly narrowed its loss in the period.
Despite the loss, MRC Global posts a 5% sequential revenue increase in Q1 over the previous fourth quarter.
Saltiel will replace Andrew Lane, who announced his retirement last May.
In the fourth quarter, sales decreased 24.4% as the company also reported a loss of $11 million in the period.
Year to date, sales decreased 31.6% as the company reports a loss of $287 million through the first three quarters of 2020.
The board of directors will begin a thorough and deliberate CEO selection process to replace Andrew Lane.
