MRC Global Sales Up 18% in Second Quarter - Modern Distribution Management

MRC Global Sales Up 18% in Second Quarter

Profit for the distributor of pipes, valves and fittings fell 10 percent.

Pipes, valves and fittings distributor MRC Global Inc. (NYSE: MRC), Houston, TX, reported second-quarter sales of $1.5 billion, up 18 percent over the same period a year ago. Profit fell 10 percent to $39.3 million.

U.S. sales in the second quarter were up 14.4 percent to $1.1 billion from the same quarter in 2013, primarily due to organic growth of 13.9 percent.

Canadian sales were $150 million, down 2.3 percent from the same quarter in 2013. The decline was primarily attributable to the sale of the progressive cavity pump distribution and servicing business, which reduced sales by $14.5 million and the impact of the decline of the Canadian dollar relative to the U.S. dollar which equated to $9.9 million.

International sales in the second quarter were $231.7 million, an increase of 66.7 percent from the same period in 2013. Organically, international sales increased 10 percent over the last quarter due to growth in the European business.

For the first six months of 2014, sales were $2.8 billion, up 9 percent over the same period a year ago. Profit fell 30 percent to $62.8 million.

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