MRC Global Inc. announced its third quarter 2024 results on November 5, 2024, reporting net income attributable to common stockholders of $23 million, or $0.27 per diluted share. Adjusted net income attributable to common stockholders was $19 million, or $0.22 per diluted share. These figures represent a decline from the third quarter of 2023, which saw net income of $29 million and adjusted net income of $28 million.
The company's sales for the third quarter of 2024 were $797 million, a 10% decrease compared to the third quarter of 2023 and a 4% decrease sequentially from the second quarter of 2024. This decline was attributed to slowing activity in the U.S. oilfield and project delays within the Downstream, Industrial and Energy Transition (DIET) sector. The Production and Transmission Infrastructure (PTI) sector experienced the largest decline, followed by DIET and Gas Utilities.
Despite the revenue and profit declines, MRC Global generated strong operating cash flow of $96 million in the third quarter, bringing the year-to-date total to $197 million. This performance led the company to raise its full-year operating cash flow guidance to $220 million or more. The company's backlog as of September 30, 2024, stood at $580 million, a 9% decline from the previous quarter due to reduced order activity.
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