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Dec 31, 2023
MRC Global Q4 2023 Earnings Report
Reported a decrease in sales, but maintained strong gross and adjusted EBITDA margins.
Key Takeaways
MRC Global reported a decrease in sales by 12% compared to Q4 2022. Net income attributable to common stockholders was $15 million, or $0.17 per diluted share. The company expects revenue to be flat to modestly lower than 2023 levels.
Sales of $768 million, a decrease of 12% compared to the same quarter of 2022.
Net income attributable to common stockholders for the fourth quarter of 2023 was $15 million, or $0.17 per diluted share.
Adjusted net income attributable to common stockholders for the fourth quarter of 2023 was $20 million, or $0.23 per diluted share.
Adjusted EBITDA was $48 million, 6.3% of sales.
MRC Global
MRC Global
MRC Global Revenue by Segment
Revenue by Segment
U.S. Sales Revenue
CapyFin.comInternational Sales Revenue
CapyFin.com Forward Guidance
In 2024, the company expects revenue to be flat to modestly lower than 2023 levels and targets to generate $200 million in cash from operations.
Positive Outlook
- Expect a pick-up in business activity in the second half of the year.
- Improving economy and lower interest rates support projects and oil and gas investments.
- Targeting to generate $200 million in cash from operations.
- Further improvements in working capital efficiency.
- Expect to reduce overall SG&A expenses in 2024.
Challenges Ahead
- Revenue to be flat to modestly lower than 2023 levels.
- Gas Utilities sector sales were down $61 million, or 19%, as a result of non-recurring sales, deferred activity as well as certain customers destocking.
- PTI sector sales decreased $35 million, or 16%, due to non-recurring projects and lower customer activity.
- Canada sales in the fourth quarter of 2023 were down $18 million, or 39%, from the same quarter in 2022 driven by the PTI sector from non-recurring projects and year end curtailment in customer spending.
- The Gas Utilities sector experienced a $59 million, or 19%, decline from customer's destocking, seasonal declines, non-recurring projects and decreased product purchases due to higher interest rates and construction cost inflation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income