MRC Global Q1 2025 Earnings Report
Key Takeaways
MRC Global announced strong first quarter 2025 results, with sales increasing 7% sequentially and Adjusted EBITDA of $36 million. The company reported a net loss due to discontinued operations, but income from continuing operations remained positive. Backlog also saw an 8% sequential improvement.
Sales for Q1 2025 were $712 million, an 8% decrease year-over-year but a 7% increase sequentially.
Net income from continuing operations was $8 million for Q1 2025, down from $20 million in Q1 2024.
Adjusted EBITDA for Q1 2025 was $36 million, or 5.1% of sales, compared to $57 million, or 7.3% of sales, in Q1 2024.
Backlog as of March 31, 2025, was $603 million, an 8% sequential increase.
MRC Global
MRC Global
MRC Global Revenue by Segment
MRC Global Revenue by Geographic Location
Forward Guidance
The company expects second quarter revenues to increase sequentially by a high-single to a low-double digit percentage, driven by backlog growth and increasing intake levels.
Positive Outlook
- Business performing well into the second quarter.
- Backlog as of April 30, 2025, up 13% over year-end levels.
- Solid gains in backlog across all three market sectors.
- Increasing intake levels and improving visibility on near-term project deliveries.
- Execution of share buyback program commenced in the second quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income