The company also announced a new board chair, effective immediately.
Latest In MRC Global (McJunkin-Red Man)
The PVF distributor plans to repurchase its preferred stock for around $361 million, and shared its preliminary 3Q24 financial results.
The company's U.S. sales fell 7% year-over-year during 2Q.
MRC Global's U.S. subsidiary will be the primary provider of pipe, valves and fitting products and services to ExxonMobil in North America.
The distributor had a considerable 1Q sales improvement vs. 4Q23, while all business segments saw continued annual declines.
However, lower volume driven by deferred activity in the gas utilities sector didn't stop the company from modest full-year growth.
The company’s sales were $888 million for the third quarter of 2023, which was 2% higher than the second quarter of 2023.
Engine Capital reportedly said the PVF distributor could net $14 to $18 per share in a sale as a premium to its current stock price.
MRC Global will remain a supplier of Shell’s pipe, valves and fittings through 2028 under a global supply agreement.
The year-over-year growth was down from the 19% reported during the company's 2023 first quarter.
See the key financial figures reported by five major industrial distributors.
A new report states a majority of economists now think a would-be recession is coming later than expected. It suggests a softer economic landing as distributors continue to report strong financials.
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The industrial PVF products distributor reported 4Q sales of $869 million, an increase of 27% compared to the same quarter in 2021.
The new website features full optimization for mobile devices.
Third-quarter sales reached $904 million, a 7% sequential increase from the second quarter of 2022 and a 32% improvement over 3Q 2021.
New markets and overhauled operations are producing major dividends at leading distributors DXP Enterprises, NOW Inc. and MRC Global.
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The PVF products distributor saw its best adjusted EBITDA margin since 2014 amid double-digit growth in each of its end-market sectors.
Fastenal, MSC Industrial Supply, MRC Global and more have voiced considerable optimism despite numerous economic red flags.
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The distributor also said annual revenue is now targeted at $3.3 billion, up from the previous guidance of $3.1 billion.
Emily Shields has been with MRC since 2013 as a leader in the company’s litigation and compliance efforts as well as other corporate matters.
