MRC Global Inc. (NYSE: MRC), Houston, TX, a global distributor of pipe, valves and fittings and related products and services to the energy industry, reported third-quarter sales of $1.6 billion, up 23 percent over the same period a year ago. Profit increased 22 percent to $50 million.
U.S. sales in the third quarter were up 18.7 percent to $1.2 billion due to organic growth. Canadian sales were $161.2 million, down 0.6 percent primarily attributable to the sale of the progressive cavity pump distribution and servicing business, which reduced sales by $20.4 million, and the impact of the decline of the Canadian dollar relative to the U.S. dollar which amounted to $7.6 million. Adjusting for these items, Canadian business was up 20.2 percent.
International sales in the third quarter of 2014 were $251.7 million, an increase of 84.3 percent due primarily to sales from acquired businesses.
For the nine-month period, MRC sales were $4.4 billion, a 14 percent increase over the prior-year period. Profit fell 12 percent to $113 million.