MRC Global Expects 14% Sales Increase in 2Q – Modern Distribution Management

Houston-based MRC Global expects 2022 second-quarter sales to be up approximately 14% over the first quarter, according to a preliminary earnings report released July 7.

In May, MRC Global reported 2022 first-quarter sales of $742 million, an 8% sequential increase and a 22% improvement over the same quarter in 2021.

The company also said that “strong results” in the first half of 2022 and a positive outlook for each of the company’s end-markets for the remainder of the year support an “upward revision to the company’s 2022 forecast.”

MRC Global said 2022 annual revenue is now targeted at $3.3 billion, up from the previous guidance of $3.1 billion, which would be a 24% increase in revenue compared with last year.

The company will release its full 2Q earnings on Aug. 9.

“I am very pleased with our excellent financial performance in the first half of 2022,” said Rob Saltiel, MRC Global president and CEO. “The year started off strong and has continued to improve, significantly exceeding our expectations. Robust activity in all of our sectors underpins our strong outlook for the full year, supported by continued growth in our order intake and backlog. We are increasing our 2022 targets to $3.3 billion in sales and $230 million of adjusted EBITDA, or 7% of targeted sales.”