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Sep 30, 2021

MRC Global Q3 2021 Earnings Report

Achieved highest adjusted EBITDA margins in two years, driven by solid execution and good cost control.

Key Takeaways

MRC Global's sales were $685 million, consistent with the previous quarter and 17% higher than the same quarter last year. The company reported a net loss of ($17) million, or ($0.21) per diluted share. Adjusted EBITDA reached $39 million, or 5.7% of sales, the highest in two years.

Sales of $685 million for the third quarter of 2021, which was consistent with the second quarter of 2021 but 17% higher than the third quarter of 2020.

Net loss attributable to common stockholders for the third quarter of 2021 was ($17) million, or ($0.21) per diluted share, as compared to the third quarter of 2020 net loss of ($3) million, or ($0.04) per diluted share.

U.S. business grew 2% sequentially while International segment experienced revenue declines due to delayed MRO and project activity.

Adjusted EBITDA margins of 5.7%, the highest for our company in two years.

Total Revenue
$685M
Previous year: $585M
+17.1%
EPS
$0.09
Previous year: -$0.1
-190.0%
Adjusted EBITDA
$39M
Gross Profit
$95M
Previous year: $114M
-16.7%
Cash and Equivalents
$47M
Previous year: $40M
+17.5%
Free Cash Flow
-$33M
Previous year: $91M
-136.3%
Total Assets
$1.82B
Previous year: $1.81B
+0.8%

MRC Global

MRC Global

MRC Global Revenue by Segment

MRC Global Revenue by Geographic Location

Forward Guidance

The company expects double-digit revenue growth next year.

Positive Outlook

  • Growing backlog
  • Increased customer activity

Revenue & Expenses

Visualization of income flow from segment revenue to net income