MRC Global INC. (NYSE: MRC), global distributor of pipe valves, fittings and infrastructure products, announced its fiscal 2022 third–quarter sales were $904 million, up 32% from the prior-year period.
Profit for the quarter was $165 million, up 73% from the prior-year period. U.S sales were $768 million, up 35% from the prior-year period. Canada sales were $37 million, up 23% and international sales were $99 million, up 16% from the prior-year period.
“I am very pleased with our outstanding performance this quarter with total revenue of $904 million, a 7% sequential growth, led by our two largest end-market sectors, gas utilities and DIET,” said Rob Saltiel, MRC Global president and CEO. “Continued strong activity, coupled with cost management, resulted in new company records for both adjusted gross margin of 21.9% and adjusted EBITDA margin of 9.1%. Our third-quarter results are indicative of the solid performance of the MRC Global team and are underpinned by our resilient gas utilities business, our expanding roster of energy transition projects and our continued cost discipline. Looking forward to 2023, we expect double-digit revenue growth, higher annual EBITDA margins and strong cash flow generation.”