MRC Global Q1 2023 Earnings Report
Key Takeaways
MRC Global reported strong first quarter 2023 results, with sales of $885 million, a 19% increase compared to the same quarter last year. The company's adjusted gross profit margin was 21.2%, and adjusted EBITDA was $69 million. They are optimistic about the remainder of 2023, expecting double-digit revenue growth and EBITDA margins exceeding 8%.
Sales reached $885 million, a 19% increase year-over-year.
Adjusted gross profit margin was 21.2%, a 70 basis point increase year-over-year.
Adjusted EBITDA was $69 million, representing 7.8% of sales.
Backlog increased 2% sequentially and 14% compared to March of last year.
MRC Global
MRC Global
MRC Global Revenue by Segment
MRC Global Revenue by Geographic Location
Forward Guidance
MRC Global anticipates double-digit revenue growth, EBITDA margins exceeding 8%, and operating cash flow of at least $120 million for 2023.
Positive Outlook
- Confident in ability to deliver double-digit revenue growth.
- Expecting EBITDA margins exceeding 8%.
- Anticipating operating cash flow of at least $120 million.
- Strong start to the year.
- Growing backlog.
Revenue & Expenses
Visualization of income flow from segment revenue to net income