Industrial PFV and infrastructure supplies distributor MRC Global reported its 2024 fourth quarter and full-year financial results on March 14, showing a decline in annual sales as well as in the fourth quarter.

The release of MRC’s financial results was initially set for Feb. 11 but was postponed to allow additional time to complete year-end audit procedures related to inventory cycle counts, including physical inventory procedures.

4Q Results

The Houston-based company posted 4Q sales of $664 million, down 11.4% year-over-year and down from 3Q24’s $797 million.

The company’s sectors of Production and Transmission Infrastructure (PTI) and Downstream and Industrial and Energy Transition (DIET) were all down from the same period a year prior. However, compared to 4Q, Gas Utilities decreased by 14%; DIET decreased by 16%; and PTI decreased by 19%.

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MRC’s U.S. 4Q sales of $542 million were down 14% year-over-year and decreased by 16% sequentially. Gas Utilities sector revenue remained unchanged year-over-year, while DIET and PTI decreased by 25% and 23% year-over-year, respectively.

The company’s 4Q gross margin of 20.3% was up 20 basis-points from the same period a year prior, and up 20 bps sequentially. Adjusted gross margin of 22.0% was up from 4Q23’s 22.2%.

 MRC Global Enacts $125M Stock Buyback (Jan. 3)

MRC 4Q adjusted EBITDA of $32 million (4.8% margin) was down from the same period a year prior.

2024 Results

For its full-year, MRC reported 2024 sales of $3.01 billion were down 8.4% year-over-year.

The company’s sectors of Gas Utilities, PTI and DIET were all down in 2024 compared to the same period a year prior. Gas Utilities sector revenue was down 8.6% year-over-year, while DIET and PTI likewise declined by 9.8% and 9.9%, respectively.

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MRC’s U.S. 2024 sales of $2.5 billion decreased from 2023’s $2.8 billion. Gas Utilities sector revenue of $1.0 billion decreased from 2023’s $1.1 billion, likewise DIET ($703 million) and PTI ($730 million) decreased year-over-year — DIET ($790 million) and PTI ($865 million).

The company’s full-year gross margin of 20.6% increased by 10 bps year-over-year, while adjusted gross margin of 21.9% likewise increased by 10 bps year-over-year.

MRC adjusted EBITDA of $202 million was down from 2023’s $251 million.

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“We are optimistic about our business outlook for 2025 due to the rebound of our gas utilities business, the return of inflation to our product pricing, the growth of U.S. natural gas infrastructure investment and our penetration into chemicals, mining and data center markets,” MRC Global President and CEO Rob Saltiel said in the company’s financial release. “We are also very excited to announce today our new IMTEC joint venture which simplifies the development of smart meters for our gas utilities customers. We anticipate growth in all three business sectors in 2025 and for revenue to be up low to high-single digits. In addition, we expect to generate at least $100 million in cash from operations, achieve our target net debt leverage ratio of 1.5x by year end and to have ample cash to begin execution of our recently announced $125 million share buyback authorization.”

MRC Global was No. 15 on MDM’s Top Distributor’s List for Industrial Supplies and No. 3 for Industrial PVF.