MRC Global ( (MRC) ) has shared an update.
MRC Global reported a net income of $23 million in Q3 2024, down from $29 million in Q3 2023, with sales experiencing a 10% year-over-year decline, primarily due to reduced activity in the Production and Transmission Infrastructure and DIET sectors. Despite these challenges, the company achieved strong cash flow, bolstered by strategic financial maneuvers like repurchasing convertible preferred shares and securing new financing. MRC Global also reported a record low in net working capital as a percentage of sales, and it expects these financial adjustments to positively impact earnings and cash flow in the future.
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