MRC Global Inc. has released its preliminary first quarter 2025 results, showcasing positive growth across various financial metrics. Here are some of the key figures:
- Revenue: Approximately $710 million, representing a 7% sequential increase.
- Net income from continuing operations: Approximately $7 million.
- Adjusted EBITDA: Approximately $35 million, or 4.9% of sales.
- Gross profit: Approximately $142 million, or 20.0% of sales.
- Adjusted gross profit: Approximately $153 million, or 21.5% of sales.
- Cash flow provided by continuing operations: Approximately $20 million.
The president and CEO, Rob Saltiel, expressed satisfaction with the company's strong start to the year, emphasizing that activity levels and margins exceeded expectations. He highlighted that the U.S. segment drove the sequential revenue increase, with significant growth in various areas such as gas utilities, downstream, industrial and energy transition, and production and transmission infrastructure.
Saltiel also expressed optimism about continued revenue growth in the second quarter, estimating a high-single to low-double digit percentage increase in sequential sales supported by a growing U.S. backlog, which has increased by more than 20% since the beginning of the year.
The press release also mentioned a $125 million share repurchase program planned for the second quarter and indicated that additional first quarter 2025 earnings and annual outlook information would be provided in the company's upcoming earnings release and earnings call in May.
It is important to note that these results are preliminary, unaudited, and subject to completion. The company and its auditors have not completed the normal quarterly review procedures, and there could be revisions as a result of further review. Therefore, these estimates should not be viewed as a substitute for full interim financial statements prepared in accordance with GAAP.
MRC Global Inc. is a leading global distributor of pipe, valves, fittings, and other infrastructure products and services to diversified end-markets. With over 100 years of experience, the company has provided customers with innovative supply chain solutions, technical product expertise, and a robust digital platform from a worldwide network of approximately 200 locations.
Stay tuned for the company's upcoming earnings release and earnings call in May for more detailed information on their first quarter 2025 performance and annual outlook. As a result of these announcements, the company's shares have moved 8.1% on the market, and are now trading at a price of $11.07. For the full picture, make sure to review MRC Global's 8-K report.
