MRC Global Sales Down 39.4% in 1Q - Modern Distribution Management

MRC Global Sales Down 39.4% in 1Q

Company reports a loss of $14 million for the quarter.

MRC Global Inc. (NYSE: MRC), Houston, TX, reported sales for the first quarter of $783 million, a decrease of 1 percent year-over-year. The company reported a loss of $14 million for the quarter, down from a profit of $29.1 million a year ago.

U.S. sales in the first quarter were down 38 percent year-over-year to $606 million. Canadian sales were down 46 percent to $64 million. And international sales were down 44 percent to $113 million.

"Despite a challenging first quarter, we remain focused on executing our strategy. We continue to retain and win customers, strengthen the balance sheet, manage operating costs and optimize working capital to align with current energy market conditions," said Andrew Lane, president and CEO. "The business continues to generate cash, having generated $58 million in cash from operations in the first quarter and in February, we closed the sale of our U.S. oil country tubular goods product line for $48 million."

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