MRC Global Inc. (NYSE: MRC), Houston, Texas, a global distributor of pipe, valves, fittings and infrastructure products, announced sales for its fiscal 2023 second quarter were $871 million, up 3% from the prior-year period.
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Net income for the quarter was $24 million, up 71.4% from the prior-year period.
U.S. sales for the second quarter were $727 million, up 10% from the prior-year period. Canada sales were $38 million, down 5% and international sales were $106 million, up 16% from the prior-year period.
MRC also reported sales for its first six months of 2023 were $1.76 billion, up 10.4% from the previous year’s first six months. Net income for the first six months was $58 million, up 93.3% from the prior-year period.
“Our second-quarter results delivered revenue growth over last year, better-than-expected cash flow generation and strong adjusted gross profit margins,” said Rob Saltiel, MRC Global’s CEO. “We expanded our revenue backlog in the quarter, aided by gains in our International segment and our DIET sector. We are anticipating lower annual growth in 2023 for our U.S. segment than previously forecast due primarily to a slower ramp-up in our Gas Utilities sector sales during the current construction season.”
