MRC Global Inc. (NYSE: MRC), Houston, Texas, global distributor of pipe, valves and fittings and other infrastructure products, announced sales for its fiscal 2022 fourth quarter were $869 million, up 27% from the prior-year period.
Net profit for the quarter was $15 million, up from a net loss of $10 million the prior-year period.
Sales for its fiscal 2022 year were $3.36 billion, up 26% from the prior-year period. Net profit for the year was $51 million, up from a net loss of $38 million in the prior-year period.
“We had a strong finish to 2022, with fourth-quarter revenue consistent with our previous guidance and ahead of the normal seasonal decline,” said Rob Saltiel, MRC Global’s 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 end-markets, 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. We maintain our positive outlook for 2023 with solid fundamentals anticipated for each of our business sectors and geographic segments.”