MRC Global Inc., a leading global distributor of pipe, valves, fittings and infrastructure products and services to diversified energy, industrial and gas utilities end-markets, has announced second quarter 2024 results.

Net income attributable to common stockholders for the second quarter of 2024 was $24 million, or $0.28 per diluted share, as compared to the second quarter of 2023 net income attributable to common stockholders of $18 million, or $0.21 per diluted share. Adjusted net income attributable to common stockholders for the second quarter of 2024 was $27 million, or $0.31 per diluted share, as compared to the second quarter of 2023 adjusted net income attributable to common stockholders of $22 million, or $0.26 per diluted share.

MRC Global’s second quarter 2024 gross profit was $173 million, or 20.8% of sales, as compared to the second quarter 2023 gross profit of $175 million, or 20.1% of sales. Gross profit for the second quarter of 2024 and 2023 includes $1 million and $2 million of expense, respectively, in cost of sales relating to the use of the last-in, first-out (LIFO) method of inventory cost accounting. Adjusted Gross Profit, which excludes (among other items) the impact of LIFO, was $184 million, or 22.1% of sales, for the second quarter of 2024 and was $187 million, or 21.5% of sales, for the second quarter of 2023.

Second Quarter 2024 Financial Highlights Include the Following:

• Cash flow provided by operations of $63 million for the second quarter and $101 million in the first half of 2024
• Sales of $832 million, a 3% improvement compared to the first quarter of 2024
• Adjusted Gross Profit, as a percentage of sales, of 22.1%, and a new MRC Global record
• Adjusted EBITDA of $65 million, or 7.8% of sales
• Net Debt leverage ratio of 0.4 times, the lowest in MRC Global history

“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. “We have generated $101 million in operating cash flow through the first half of 2024, and we are tracking well to meet or exceed our annual operating cash flow target of $200 million.

"During the second quarter we repaid our Term Loan B and reduced our net debt to an all-time low of $103 million. We expect to generate significant cash over the next few years, which should further strengthen our balance sheet and provide us flexibility to consider various capital allocation alternatives.”

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