MRC announces first quarter results

MRC Global Inc. announced its first quarter 2012 financial results. Sales of USD 1.383 billion were up 39% from USD 992 million in the first quarter of 2011. Net income was USD 37.5 million, or USD 0.44 per diluted share, as compared to a net loss of USD 1.1 million, or USD 0.01 per share, in the first quarter of 2011. Adjusted EBITDA rose 92% to USD 115.2 million for first quarter of 2012, compared to USD 60.0 million for the same period in 2011. See the table below for a reconciliation of Adjusted EBITDA to net income and net loss.

Sales of USD 1.383 billion set a record for the first quarter and increased 39% over the prior year. Within the company’s North American segment, sales increased 35% to USD 1.261 billion, driven by strengthening activity within the North American shale plays, particularly those areas with heavy concentrations of oil and wet gas. International segment sales increased 105% to USD 122 million, due to the acquisitions of Australia-based Stainless Pipe & Fittings and OneSteel Piping Systems as well as improved overall business activity. Overall, organic growth contributed 34% to the top line increase and acquisitions accounted for the remaining 5%.

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