MRC Global Inc. (NYSE: MRC), Houston-based worldwide distributor of pipe, valves, fittings and energy infrastructure products and services, reported sales for the quarter ended June 30, 2024, were $832 million, down 4% from the prior-year period.
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Profit was $30 million, up 25% from a year ago.
Quarterly sales in the U.S. were down 7% to $677 million, while sales in Canada were down 13% to $33 million.
Year-to-date sales were $1.6 billion, down 6.7% from 2023, while year-to-date profit was $49 million, a decrease of 15.5%.
“We achieved sequential growth in revenue, adjusted EBITDA and cash flow from operations in the second quarter, despite slowing activity in the US oilfield and project delays in our DIET sector,” said Rob Saltiel, MRC Global’s president and CEO.
MRC Global serves approximately 10,000 customers at 219 locations worldwide.
