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Mar 31, 2025
MRC Global Q1 2025 Earnings Report
MRC Global reported first quarter 2025 results with increased sales and improved backlog
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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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