MRC Global Inc. announced its first quarter 2025 results on May 6, 2025, reporting net income from continuing operations of $8 million, a decrease from $20 million in the first quarter of 2024. The company recorded a net loss attributable to common stockholders of ($22) million, or ($0.26) per diluted share, which includes a $30 million loss from discontinued Canada operations.
Sales for the first quarter were $712 million, an 8% decrease year-over-year but a 7% increase sequentially from the fourth quarter of 2024. The sequential sales increase was broad-based across all sectors, led by Gas Utilities, followed by PTI and DIET. The company generated $21 million in operating cash flow from continuing operations.
As of March 31, 2025, the company's backlog increased 8% sequentially to $603 million, driven by new order purchasing levels across all sectors. MRC Global reaffirmed its full-year operating cash flow guidance of $100 million or better and confirmed that the execution of its $125 million share buyback program began in the second quarter.
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