MRC Global Sales Down 20% in Second Quarter

Profit for the distributor of pipes, valves and fittings plummeted 61.9 percent.

Pipes, valves and fittings distributor MRC Global Inc. (NYSE: MRC), Houston, TX, reported second-quarter sales of $1.2 billion, down 20 percent over the same period a year ago. Profit fell 61.9 percent to $15 million.

U.S. sales in the second quarter were down 14.3 percent to $956.3 million from the same quarter in 2014, primarily due to reduced customer spending in the upstream.

Canadian sales were $77.6 million, down 48.3 percent from the same quarter in 2014. International sales in the second quarter were $164.2 million, a decrease of 29.1 percent from the same period in 2014. Canadian and international sales were negatively affected by the strong U.S. dollar.

For the first six months of 2015, sales were $2.5 billion, down 11.2 percent over the same period a year ago. Profit fell 29.9 percent to $44 million.

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