MRC Global Sees Steady Sales Growth in 3Q - Modern Distribution Management

Log In

MRC Global Sees Steady Sales Growth in 3Q

Third-quarter sales reached $904 million, a 7% sequential increase from the second quarter of 2022 and a 32% improvement over 3Q 2021.
MRC Global 3Q 2023 sales

Houston, Texas-based industrial PVF products distributor MRC Global reported continued sales growth when it announced its 2022 third-quarter earnings Nov. 8.

The company reported 3Q net sales of $904 million, a 7% increase from the second quarter of 2022 and a 32% jump compared with the third quarter of 2021.

MRC Global — which ranks No. 16 in Industrial Distributors and No. 3 in Pipes, Valves and Fittings for MDM’s 2022 Top Distributors — said the increase in 3Q was led by the gas utilities and downstream, industrial and energy transition (DIET) sectors.

MRC Global’s 3Q 2022 gross profit was $165 million, or 18.3% of sales, as compared with 3Q 2021 gross profit of $95 million, or 13.9% of sales. Gross profit for 3Q 2022 and 2021 included $24 million and $32 million, respectively, of expense in cost of sales relating to the use of the last-in, first-out (LIFO) method of inventory cost accounting, the company said.

“I am very pleased with our outstanding performance this quarter with total revenue of $904 million, a 7% sequential growth, led by our two largest end-market sectors, gas utilities and DIET,” said Rob Saltiel, MRC Global’s President and CEO. “Continued strong activity, coupled with cost management, resulted in new company records for both adjusted gross margin of 21.9% and adjusted EBITDA margin of 9.1%. Our business generated operating cash flow of $33 million in the third quarter, and we expect to achieve positive operating cash flow for the full year, which would be a major achievement given the high revenue growth we have experienced in 2022.”

Related Posts

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.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!


articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to, 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
  • 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



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
  • 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.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.