MRC Global (MRC) Tops Q4 EPS by 7c

MRC Global (NYSE: MRC) reported Q4 EPS of $0.17, $0.07 better than the analyst estimate of $0.10. Revenue for the quarter came in at $1.01 billion versus the consensus estimate of $1.01 billion.

Andrew R. Lane, MRC Global's president and chief executive officer stated, "The fourth quarter 2018 results were as we expected with revenue over $1.0 billion. All three geographic segments and our valve product group drove strong growth in the fourth quarter of 2018 over the same quarter in 2017. Our fourth quarter 2018 adjusted gross profit percentage of 20.0% and our adjusted EBITDA of $63 million remained strong. We generated $135 million in cash flow from operations, and we repurchased $75 million of common stock in the fourth quarter."

Mr. Lane added, "I am very proud of our results for 2018, the second year of the oil and gas industry recovery, as we continued to successfully execute our long-term strategy. As compared to 2017, our 2018 revenue increased 14%, which includes more than $900 million of e-commerce revenue. Our 2018 adjusted gross profit percentage of 19.6% was the best since 2008, and our 2018 adjusted EBITDA increased 56% over 2017. We achieved adjusted EBITDA margins of 6.7% in 2018, the best since 2014. Our 2018 net income attributable to common stockholders improved 92% to $50 million and our diluted earnings per share improved 100% to $0.54 per share."

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

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