MRC Global reports Q3 adjusted EPS 32c, consensus 36c

Reports Q3 revenue $888M, consensus $942.4M. Rob Saltiel, MRC Global’s President and CEO stated, “Revenue in the third quarter increased moderately compared to the second quarter, as rising DIET sector revenue offset declines in our Gas Utilities and PTI sectors. We are pleased to have achieved adjusted gross profit margins in excess of 21%, operating cash flow of over $100 million and adjusted EBITDA margins of 7.9%. The value of our end-market diversification is evident as year-to-date revenue gains in the PTI and DIET sectors have countered the temporary weakness we are experiencing in Gas Utilities.”