Industrial PVF and infrastructure supplies distributor MRC Global reported its 2024 second quarter financial results on Aug. 6, showing a sequential sales improvement while year-over-year declines continued.

The Houston-based company posted total 2Q sales of $832 million, down 4% year-over-year and up 3% from 1Q24.

MRC’s sectors of Gas Utilities and Production and Transmission Infrastructure (PTI) were up from 1Q24. However, Downstream, Industrial and Energy Transition (DIET) was down from the previous quarter by 3%, driven by declines in the U.S. segment. In contrast, the DIET sector increased year-over-year across all geographic segments, while Gas Utilities and PTI decreased year-over-year.

The company’s U.S. 2Q sales of $677 million were down 7% year-over-year and increased 1% from 1Q24. Gas Utilities sector revenue fell 11% year-over-year; PTI sales fell 11%; and DIET sales increased 5%.

MRC’s 2Q gross margin of 20.8% was up from a year earlier. Adjusted gross margin of 22.1% topped the 21.5% of a year earlier, setting a new company record.

MRC’s 2Q adjusted EBITDA of $65 million (7.8% margin) and topped the $63 million of a year earlier, while 2Q net profit of $18 million trailed the $27 million of a year earlier.

“We achieved sequential growth in revenue, adjusted EBITDA and cash flow from operations in the second quarter, despite slowing activity in the U.S. oilfield and project delays in our DIET sector,” MRC Global’s President and CEO Rob Saltiel said in the company’s financial release. “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.”

MRC Global was No. 15 on MDM’s Top Distributor’s List for Industrial Supplies and No. 3 for Industrial PVF.