AG真人官方

MRC Global Announces听First Quarter 2025听Results

HOUSTON, May 06, 2025 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC)听today announced first听quarter 2025听results from continuing operations.

First Quarter 2025听Financial Highlights:

• Operating cash flows provided by continuing operations of $21听尘颈濒濒颈辞苍听
• Sales of $712 million, a 7%听increase compared to the fourth quarter of 2024
• Gross profit, as a percentage of sales, of听19.9%
• Adjusted Gross Profit, as a percentage of sales, of 21.5%
• Net income from continuing operations of听$8听million
• Adjusted EBITDA of $36 million, or听5.1% of sales
• Net working capital, as a percentage of sales, of 11.7%
• Net debt leverage ratio of 1.7 times听
• First quarter backlog of $603 million, an 8% sequential improvement

Rob Saltiel, MRC Global鈥檚 President and CEO stated, 鈥淔irst quarter results were strong across all of our key听metrics, consistent with our recent press release. Our business has continued to perform well into the second quarter, with our backlog as of听April 30, 2025, up 13% over year-end levels, with solid gains across all three market sectors. This backlog growth, along with increasing intake levels and improving visibility on near-term project deliveries, reinforces our outlook that second quarter revenues should increase sequentially by a high-single to a low-double digit percentage.

"I am also pleased that we have begun execution of our share buyback program听in the second quarter. Recent stock market volatility has provided an opportunity to听buy our shares at attractive price levels and听return cash to our shareholders." Mr. Saltiel added.

Net income听from continuing operations for the first听quarter of听2025听was听$8 million, as compared听to net听income听from continuing operations听of听$20听million in the first听quarter of听2024.听Adjusted net income from continuing operations听for the听first听quarter of听2025听and the first听quarter of听2024听was $12听million听and $24听million, respectively.

Net loss听attributable to common stockholders for the听first听quarter of听2025听was听($22)听million, or听($0.26) per diluted share, which includes a $30听million loss on discontinued operations,听as compared to net income attributable to common stockholders of听$13听million, or听$0.15 per diluted share, for听the听first听quarter of听2024. Adjusted net income attributable to common stockholders for the听first听quarter of听2025听was听$12听million,听$0.14 or听per diluted share, as compared to the听first听quarter of听2024听result听of听$18 million, or听$0.21 per diluted share.听

MRC Global鈥檚 first听quarter of 2025 gross profit was $142听million, or 19.9%听of sales, as compared to the first quarter of 2024 gross profit of $159听million, or 20.5%听of sales. Gross profit for each of听the first quarter 2025 and 2024 includes听$1听million of expense听in cost of sales relating to the use of the last-in, first-out (LIFO) method of inventory cost accounting. Adjusted Gross Profit, which excludes (among other items) the impact of LIFO, was $153听million, or 21.5%听of sales, for the first quarter of 2025 and was听$170 million, or听21.9% of sales, for the first quarter of 2024.听

Adjusted Net Income (Loss) from continuing operations,听Adjusted Net (Loss) Income Attributable to Common Stockholders,听Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Gross Profit, Adjusted Gross Profit margin, Net Debt, Net Debt Leverage Ratio and Adjusted selling, general and administrative (SG&A) expense are all non-GAAP measures. Please refer to the reconciliation of each of these measures to the nearest GAAP measure in this release.

Selling, general and administrative (SG&A) expenses were $124听million, or 17.4%听of sales, for the first听quarter of 2025, as compared to听$120 million, or听15.4% of sales, for the same period in听2024. Adjusted SG&A for the听first听quarter of 2025听was听$121听million, or 17.0%听of sales, which excluded $2 million of expenses听related to internal control remediation and $1 million of听other non-recurring legal and consulting costs.听Adjusted SG&A for the first听quarter of 2024 was听$117听million, or听15.1%听of sales, which excluded听$3听million for activism response legal and consulting costs.

Adjusted EBITDA was听$36听million, or听5.1% of sales, in the听first听quarter of听2025听as compared to听$57听million, or听7.3% of sales, for the same period in听2024.

An income tax听expense of听$1听million was incurred in听the first听quarter of听2025, with an听effective tax rate of听11%,听as compared to an income tax听expense of听$8听million, with an听effective tax rate of听29%, for the first听quarter of 2024. These听rates听differ from the U.S. federal statutory rate of 21% as a result of state income taxes, non-deductible expenses听and differing foreign income tax rates. In addition, the effective tax rate for the three听months ended March 31, 2025, was听favorably impacted by a tax benefit from the vesting听of stock awards against听low pretax income.

The sale of the Canada business closed on听March 14, 2025, the听results of which,听are reflected in discontinued operations for听all periods听presented.听Canada discontinued operational听losses, including operating losses and the loss incurred on the sale, were听$30 million听for the first quarter of 2025.

Sales

The company鈥檚 sales were $712听million for the first听quarter of 2025, which was听8%听lower听than the first听quarter of 2024听and听7%听higher than the听fourth quarter of 2024. As compared to the same quarter a year ago,听the Gas Utilities sector increased offset by declines in the Downstream, Industrial and Energy Transition (DIET) and Production and Transmission Infrastructure (PTI)听sectors. Sequentially, the company鈥檚 sales increase was across all sectors driven by the Gas Utilities sector followed by the PTI and DIET sectors.

Sales by听Segment

U.S. sales in the first听quarter of 2025听were $591听million, down听$76听million, or 11%, from the same quarter in 2024. PTI听sector sales听decreased $44听million, or 22%, and听DIET听sector听sales听decreased听$40听million, or 20%, both primarily due to large听projects completing in 2024. Gas Utilities sector revenue听increased听$8听million, or 3%, as customers resumed normalized buying patterns and increased capital spending budgets.

Sequentially, as compared to the fourth quarter of 2024, U.S. sales听increased听$49听million, or听9%, across all sectors.听The U.S. Gas Utilities sector sales, which听increased听$21 million, or听8%, was driven by increased customer spending due to normalizing buying patterns and preparation听for the construction season,听higher capital budgets and project wins. DIET听sector sales听increased听$19听million, or听13%, due to chemical project activity, mining听activity and refining turnarounds. PTI听sector sales听increased听$9听million, or 6%, primarily due to various midstream pipeline projects primarily natural gas.听

International sales in the first听quarter of 2025听were $121听million, up听$11听million, or 10%, from the same period in 2024. The听increase was driven by growth in the PTI sector partially offset by the DIET sector. The PTI sector increase is due primarily to several projects in the North Sea.听The DIET sector听decline is primarily due to the timing of听project deliveries.听

Sequentially, as compared to the previous quarter,听International sales were down听$1听million, or听1%, as听the PTI sector growth was offset by declines in the DIET sector.听The PTI sector听increased as a result of various projects in the North Sea,听while the听DIET sector听decreased听primarily due to the timing of听project activity in the North Sea, the Middle East and Asia.听

Sales by Sector听

Gas Utilities sector sales, which are听primarily U.S. based,听were $273听million听in the first听quarter of 2025, or 38%听of total sales, an听increase of听$8听million, or听3%, from the first听quarter of 2024.

Sequentially, as compared听to the fourth quarter of 2024,听the Gas Utilities sector sales听increased听$20听million, or 8%.

DIET sector sales in the first听quarter of 2025听were听$220听million, or 31%听of total sales, a听decrease听of $47听million, or听18%, from the first听quarter of 2024. The听decrease in DIET sector听sales was driven by declines in the U.S. and International.

Sequentially, as compared to the previous quarter, DIET sector sales were up听$12听million, or听6%, due to increases in the U.S.听partially offset by the International听segment.

PTI sector sales in the first听quarter of 2025听were $219听million, or听31% of total sales, a decline of听$26听million, or 11%, from the first听quarter of 2024. The听decrease听in PTI sector sales was听due to declines in the U.S. partially offset by the International segment.

Sequentially, as compared to the prior quarter, PTI sector sales听increased听$16听million, or听8%, due to increases in the听U.S.听and the听International segment.

Backlog

As of听March 31, 2025, the company's backlog was听$603听million, an 8% increase听from the previous quarter as new order purchasing levels increased across all sectors.

Balance Sheet and Cash Flow

As of听March 31, 2025, the cash balance听was $63听million,听long-term debt (including current portion) was听$371听million, and Net Debt was $308听million. Cash provided by continuing operations was $21 million听in the first听quarter of 2025. Availability under the company鈥檚 asset-based lending facility was听$507 million, and available liquidity was $570听million as of March 31, 2025.

Conference Call

The company will hold a conference call to discuss its first听quarter 2025听results at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on May 7, 2025. To participate in the call, please dial 201-689-8261听and ask for the MRC听Global conference call prior to the start time. To access the conference call, live over the Internet, please log onto the web at 听and go to the 鈥淚nvestors鈥� page of the company鈥檚 website. For those who cannot listen to the live call, a replay will be available through May 21, 2025, and can be accessed by dialing 201-612-7415 and using pass code听13751572#.听Also, an archive of the webcast will be available shortly after the call at 听for 90 days.

About MRC Global Inc.

Headquartered in Houston, Texas, MRC Global (NYSE: MRC) is the leading global distributor of pipe, valves,听fittings (PVF) and听other infrastructure products and services to diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission infrastructure sectors. With over 100 years of experience, MRC Global has provided customers with innovative supply chain solutions, technical product expertise and a robust digital platform from a worldwide network of approximately 200 locations including valve and engineering centers. The company鈥檚 unmatched quality assurance program offers approximately 200,000 SKUs from over 7,100 suppliers, simplifying the supply chain for over 8,300 customers. Find out more at .听

This news release contains forward-looking statements within the meaning of Section听27A of the Securities Act and Section听21E of the Exchange Act. Words such as 鈥�will,鈥� 鈥�expect,鈥� 鈥�expected,鈥� 鈥�anticipating,鈥�听鈥�intend,鈥� 鈥�believes,鈥� "on-track," 鈥�well positioned,鈥� 鈥�strong position,鈥� 鈥�looking forward,鈥� 鈥�guidance,鈥� 鈥�plans,鈥� 鈥�can,鈥澨�"target," "targeted" and similar expressions are intended to identify forward-looking statements.

Statements about the company鈥�s business, including its strategy, its industry, the company鈥�s future profitability, the company鈥�s guidance on its sales, adjusted EBITDA, adjusted EBITDA margin,听tax rate, capital听expenditures, achieving cost savings and cash flow, debt reduction, liquidity, growth in the company鈥�s various markets and the company鈥�s expectations, beliefs, plans, strategies, objectives, prospects and assumptions are not guarantees of future performance. These statements are based on management鈥�s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, most of which are difficult to predict and many of which are beyond MRC Global鈥�s control, including the factors described in the company鈥�s SEC filings that may cause the company鈥�s actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements.

These risks and uncertainties include (among others) decreases听in capital and other expenditure levels in the industries that the company serves;听U.S. and international general economic conditions; geopolitical events; decreases in oil and natural gas prices; unexpected supply shortages; loss of third-party transportation providers; cost increases by the company鈥�s suppliers and transportation providers; increases in steel prices, which the company may be unable to pass along to its customers which could significantly lower the company鈥�s profit; the company鈥�s lack of long-term contracts with most of its suppliers; suppliers鈥� price reductions of products that the company sells, which could cause the value of its inventory to decline; decreases in steel prices, which could significantly lower the company鈥�s profit; a decline in demand for certain of the products the company distributes if tariffs and duties on these products are imposed or lifted; holding more inventory than can be sold in a commercial time frame; significant substitution of renewables and low-carbon fuels for oil and gas, impacting demand for the company鈥�s products;听risks related to adverse weather events or natural disasters; environmental, health and safety laws and regulations and the interpretation or implementation thereof; changes in the company鈥�s customer and product mix; the risk that manufacturers of the products that the company distributes will sell a substantial amount of goods directly to end users in the industry sectors that the company serves; failure to operate the company鈥�s business in an efficient or optimized manner; the company鈥�s ability to compete successfully with other companies;听the company鈥�s lack of long-term contracts with many of its customers and the company鈥�s lack of contracts with customers that require minimum purchase volumes; inability to attract and retain employees or the potential loss of key personnel; adverse health events, such as a pandemic; interruption in the proper functioning of the company鈥�s information systems; the occurrence of cybersecurity incidents; risks related to the company鈥�s customers鈥� creditworthiness; the success of acquisition strategies; the potential adverse effects associated with integrating acquisitions and whether these acquisitions will yield their intended benefits; impairment of the company鈥�s goodwill or other intangible assets; adverse changes in political or economic conditions in the countries in which the company operates; the company鈥�s significant indebtedness; the dependence on the company鈥�s subsidiaries for cash to meet parent company obligations; changes in the company鈥�s credit profile; potential inability to obtain necessary capital; the sufficiency of the company鈥�s insurance policies to cover losses, including liabilities arising from litigation; product liability claims against the company; pending or future asbestos-related claims against the company; exposure to U.S. and international laws and regulations, regulating corruption, limiting imports or exports or imposing economic sanctions; risks relating to ongoing evaluations of internal controls required by Section 404 of the Sarbanes-Oxley Act; risks related to changing laws and regulations including trade policies and tariffs; and the potential share price volatility and costs incurred in response to any shareholder activism campaigns.

For a discussion of key risk factors, please see the risk factors disclosed in the company鈥檚 SEC filings, which are available on the SEC鈥檚 website at 听and on the company鈥檚 website, . MRC Global鈥檚 filings and other important information are also available on the Investors听page of the company鈥檚 website at .

Undue reliance should not be placed on the company鈥檚 forward-looking statements. Although forward-looking statements reflect the company鈥檚 good faith beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the company鈥檚 actual results, performance or achievements or future events to differ materially from anticipated future results, performance or achievements or future events expressed or implied by such forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent required by law.

Contact:

Notes to above:

* Does not foot due to rounding

The company defines Adjusted Gross Profit as sales, less cost of sales, plus depreciation and amortization, plus amortization of intangibles, plus inventory-related charges incremental to normal operations and plus or minus the impact of its LIFO inventory costing methodology. The company presents Adjusted Gross Profit because the company believes it is a useful indicator of the company鈥檚 operating performance without regard to items, such as amortization of intangibles, that can vary substantially from company to company depending upon the nature and extent of acquisitions of which they have been involved. Similarly, the impact of the LIFO inventory costing method can cause results to vary substantially from company to company听depending upon which costing method they may elect. The company uses Adjusted Gross Profit as a key performance indicator in managing its business. The company believes that gross profit is the financial measure calculated and presented in accordance with U.S. generally accepted accounting principles that is most directly comparable to Adjusted Gross Profit.

Notes to above:听

(1)听Charges (pre-tax) for personnel expenses and professional fees related to the Company's internal control remediation efforts.

The company defines adjusted selling, general and administrative (SG&A) expenses听as SG&A,听restructuring expenses and other unusual items. The company presents adjusted SG&A because the company believes it is a useful indicator of the company鈥檚 operating performance. Among other things, adjusted SG&A听measures the company鈥檚 operating performance without regard to certain non-recurring, non-cash or transaction-related expenses.听The company uses adjusted SG&A听as a key performance indicator in managing its business. The company believes that SG&A is the financial measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles that is most directly comparable to adjusted SG&A.

Notes to above:

(1)听Charges (pre-tax) recorded in SG&A.
(2)听Charges (pre-tax) for personnel expenses and professional fees related to the Company's internal control remediation efforts.
(3)听Charge (pre-tax) for an asset disposal in our International segment.

The company defines adjusted EBITDA as net income听(loss) plus the loss from discontinued operations, net of tax,听plus interest, income taxes, depreciation and amortization, amortization of intangibles, and certain other expenses, including non-cash expenses, (such as equity-based compensation, restructuring, changes in the fair value of derivative instruments, asset impairments, including inventory, long-lived asset impairments (including goodwill and intangible assets), inventory-related charges incremental to normal operations, charges related to internal control remediation and plus or minus the impact of its LIFO inventory costing methodology.听The company presents adjusted EBITDA because the company believes adjusted EBITDA is a useful indicator of the company鈥檚 operating performance. Among other things, adjusted EBITDA measures the company鈥檚 operating performance without regard to certain non-recurring, non-cash or transaction-related expenses. Adjusted EBITDA, however, does not represent and should not be considered as an alternative to net income, cash flow from operations or any other measure of financial performance calculated and presented in accordance with GAAP. Because adjusted EBITDA does not account for certain expenses, its utility as a measure of the company鈥檚 operating performance has material limitations. Because of these limitations, the company does not view adjusted EBITDA in isolation or as a primary performance measure and uses other measures, such as net income and sales, to measure operating performance.听See the company's Annual Report filed on Form 10-K for a more thorough discussion of the use of adjusted EBITDA.

Notes to above:

(1)听Charges (after-tax) for an asset disposal in our International segment.
(2) Charges (after-tax) for personnel expenses and professional fees related to the Company's internal control remediation efforts.

The company defines adjusted net income from continuing operations听(a non-GAAP measure) as net听(loss) income plus the loss from discontinued operations, net of tax, plus or minus the after-tax听impact of items deemed non-standard and听plus or minus the after-tax impact of its LIFO inventory costing methodology.听The impact of the LIFO inventory costing methodology can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO and depending upon which method they may elect.听After-tax impacts were determined using the company's U.S. blended听statutory rate. The company presents adjusted net income from continuing operations听because the company believes it provides useful comparisons of the company鈥檚 operating results to other companies, including those companies with whom we compete in the distribution of pipe, valves and fittings to the energy industry, without regard to the irregular variations from certain restructuring events not indicative of the on-going business. The company believes that net (loss) income is the financial measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles that is most directly compared to adjusted net income听from continuing operations.

Notes to above:
* Does not foot due to rounding
(1)听Charges (after-tax) for personnel expenses and professional fees related to the Company's internal control remediation efforts.

Notes to above:

(1)听An after-tax charge for an asset disposal in our International segment.

The company defines adjusted net income attributable to common stockholders (a non-GAAP measure) as net income (loss) attributable to common stockholders,听plus the loss from discontinued operations, net of tax, plus or minus the after-tax听impact of items deemed non-standard and听plus or minus the after-tax impact of its LIFO inventory costing methodology. After-tax impacts were determined using the company's听blended听statutory rate.听The company presents adjusted net income attributable to common stockholders and related per share amounts听because the company believes it provides useful comparisons of the company鈥檚 operating results to other companies, including those companies with whom we compete in the distribution of pipe, valves, and fittings to the energy industry, without regard to the irregular variations from certain restructuring events not indicative of the on-going business. Those items include goodwill and intangible asset impairments, inventory-related charges, facility closures, severance and restructuring, internal control remediation expenses,听as well as the LIFO inventory costing methodology. The impact of the LIFO inventory costing methodology can cause results to vary substantially from company to company depending upon which costing method they may elect.听The company believes that net income attributable to common stockholders is the financial measure calculated and presented in accordance with U.S. generally accepted accounting principles that is most directly compared to adjusted net income attributable to common stockholders.

MRC Global Inc.
Supplemental Information (Unaudited)
Reconciliation of Long-term Debt to Net Debt听(a non-GAAP measure) and the Net Debt Leverage Ratio Calculation
(in millions)

Notes to above:

Net Debt and related leverage metrics may be considered non-GAAP measures. The company听defines Net Debt as total long-term debt, including current portion, minus cash. The company defines听its net debt leverage ratio as Net Debt divided by trailing twelve months Adjusted EBITDA. The company听believes Net Debt is an indicator of the extent to which the company鈥檚 outstanding debt obligations could be satisfied by cash on hand and a useful metric for investors to evaluate the company鈥檚 leverage position. The company believes the net debt听leverage ratio is a commonly used metric that management and investors use to assess the borrowing capacity of the company. The company听believes total long-term debt (including the current portion) is the financial measure calculated and presented in accordance with U.S. generally accepted accounting principles that is most directly comparable to Net Debt.