MRC Global reports Q1 EPS 15c, consensus 14c

Reports Q1 revenue $806M, consensus $760.76M. Rob Saltiel, MRC Global’s president and CEO stated, “Our commitment to improving capital returns, maintaining cost discipline and generating cash across the market cycle is reflected in our excellent results this quarter. We exceeded our expectations with sequential revenue growth of 5% and adjusted EBITDA margins of 7.1%. We believe that our business has turned the corner after the lower activity levels of the fourth quarter of 2023.”