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."

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.