MRC Global (NYSE: MRC) reported Q3 EPS of $0.41, $0.16 better than the analyst estimate of $0.25. Revenue for the quarter came in at $1.07 billion versus the consensus estimate of $1.12 billion.

Andrew R. Lane, MRC Global's president and chief executive officer stated, "I am very pleased with the quarterly results. This is the third quarter in a row where the Company delivered over $1 billion in sales and increasing amounts of adjusted EBITDA as increased customer base spending plays out as expected in the second year of the oil and gas recovery. While business remains strong, we expect a typical seasonal decline in the fourth quarter, partially offset by project deliveries that have been pushed to the fourth quarter from the third."

"The adjusted gross profit percentage in the third quarter in excess of 20% was the best quarterly percentage since the first quarter of 2013. Our gross margin and inventory management strategies have contributed to the improvement in our gross profit percentage. Our revenue growth and improved profitability were led by our United States segment with its third quarter adjusted EBITDA percentage of 8.5%, the highest since the third quarter of 2013. We also achieved total incremental adjusted EBITDA of 21% in the third quarter. Our business is performing very well as demand for our products increases and we are well positioned for future growth," Mr. Lane added.

Share Repurchase Program

In October 2018, the board of directors authorized a share repurchase program for common stock of up to $150 million. The program is scheduled to expire on December 31, 2019. The shares may be repurchased at management\'s discretion in the open market. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

Mr. Lane commented, "With the recovery in the oil and gas markets continuing, our leading market position and the attractive stock price, the Board has authorized an opportunistic share repurchase program. This will be the third program the Board has authorized since 2015, having previously repurchased $225 million of shares. The latest $150 million authorization reflects the Board's confidence in MRC Global's ability to continue to grow as well as return cash to shareholders."

For earnings history and earnings-related data on MRC Global (MRC) click here.