MRC Global Reports Consistent Sales Growth to End '22 - Modern Distribution Management

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MRC Global Reports Consistent Sales Growth to End ’22

The industrial PVF products distributor reported 4Q sales of $869 million, an increase of 27% compared to the same quarter in 2021.
MRC Global 3Q 2023 sales

Just before Valentine’s Day, Houston, Texas-based industrial PVF products distributor MRC Global delivered some sweet news to investors. On Feb. 13, MRC reported its 2022 4th-quarter and total-year earnings, which showed steady sequential and annual sales growth.

For 4Q 2022, MRC reported sales of $869 million, an increase of 27% over the same period in 2021. The earnings figures signal continued sales growth for the company, which in November reported 3Q net sales of $904 million, a 7% increase from 2Q 2022 and a 32% jump compared with 3Q 2021.

Adjusted gross profit for 4Q, as a percentage of sales, was 21.2%, the third consecutive quarter exceeding 21%, MRC Global said.

The company — which ranked No. 15 for overall Industrial, No. 3 for PVF on MDM’s 2022 Top Distributors List — posted full-year 2022 sales of $3.36 billion, an increase of 26% over the prior year.

“We had a strong finish to 2022, with fourth quarter revenue consistent with our previous guidance and ahead of the normal seasonal decline,” sadi Rob Saltiel, MRC Global President and CEO. “Our full year 2022 performance was exceptional and benefitted greatly from our growth and diversification strategy that emphasized our upstream, chemicals and energy transition endmarkets, all of which outperformed our expectations. Two of our business sectors, Gas Utilities and DIET, exceeded $1 billion in sales, and we increased our company adjusted EBITDA margins to multi-year highs through improved commercial focus and cost discipline. I am proud of the entire MRC Global team for achieving these outstanding results.

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