Houston-based MRC Global Inc. (NYSE: MRC), distributor of pipe, valves, fittings and infrastructure products and services to diversified energy, industrial and gas utilities end–markets, reported third-quarter 2023 sales of $888 million, up 2% from the second quarter, and down 2% from the third quarter 2022.
Profit was $29 million.
Compared to the third quarter of 2022, the Production and Transmission Infrastructure (PTI) sector led with 10% growth followed by the Downstream, Industrial and Energy Transition (DIET) sector at 1%, offset by the Gas Utilities sector, which declined 13%.
U.S. sales in the third quarter of 2023 were $745 million, down 3% from the same quarter in 2022. PTI sector sales increased by 10%, resulting from increased customer infrastructure activity in the Permian and Rockies. DIET sector sales increased $1 million. The Gas Utilities sector revenue decreased 12%, driven by decreased capex spending for modernization and replacement activity as customers focus on reducing their own product inventory levels, as well as delayed customer projects due to higher interest rates and inflation in construction costs.
Canada sales in the third quarter of 2023 were up 3% from the same quarter in 2022, as increases in the DIET and PTI sectors offset a decrease in the Gas Utilities sector.