Houston-based MRC Global reported 2022 first-quarter sales of $742 million, an 8% sequential increase and a 22% improvement over the same quarter in 2021.
The pipes, valves and fittings distributor also reported first-quarter gross profit of $136 million, compared to $103 million during the same quarter in 2021. Net income attributable to common stockholders for 1Q 2022 was $10 million, or $0.12 per diluted share, as compared to the first quarter of 2021 net loss of $9 million, or $0.11 per diluted share.
Adjusted EBITDA for 1Q 2022 was $48 million, 6.5% of sales, which was doubled compared to the first quarter of 2021.
“I am very pleased with our excellent financial performance in the first quarter,” MRC President and CEO Rob Saltiel said. “Our revenue was up 8% sequentially, led by our Upstream Production and Downstream, Industrial and Energy Transition (DIET) sectors. At $48 million, we doubled adjusted EBITDA compared to the same quarter a year ago with adjusted EBITDA margins of 6.5%, a 260- basis point improvement. Our backlog continues to grow in all our sectors and geographic segments, and stood at $667 million as of March 31, 2022, 28% higher than December 31, 2021. Our strong first quarter results, favorable business fundamentals and growing backlog are leading us to raise our 2022 outlook to $3.1 billion in sales and $200 million of adjusted EBITDA. We expect revenue in all four of our business sectors to be up double-digit percentages in 2022.”