MRC Global Inc. reported its financial results for the second quarter of 2025, revealing a slight decline in revenue and profitability compared to the same period last year. For the three months ended June 30, 2025, the company generated sales of $798 million, a decrease of $1 million from $799 million in the prior year. The gross profit for the quarter was $151 million, down from $169 million, resulting in a gross margin of 18.9%, compared to 21.2% in the previous year. The net income from continuing operations was $13 million, a 57% decrease from $30 million in the same quarter of 2024.
The company's performance was impacted by a 3% decline in U.S. sales, which fell to $658 million from $677 million, primarily due to reduced activity in the Downstream, Industrial, and Energy Transition (DIET) sector. However, the Gas Utilities sector saw a revenue increase of $12 million, reflecting a return to normalized buying patterns among customers. International sales, on the other hand, increased by 15% to $140 million, driven by higher sales in the Production and Transmission Infrastructure (PTI) sector.
MRC Global's operational changes included the completion of the sale of its Canadian operations to EMCO Corporation in March 2025, which has been classified as discontinued operations. This sale resulted in a pre-tax, non-cash loss of approximately $22 million recorded in the fourth quarter of 2024. The company also announced a planned merger with DNOW Inc., which is subject to shareholder and regulatory approvals. The merger agreement stipulates that MRC Global will be merged into DNOW, with shareholders receiving shares of DNOW common stock as part of the transaction.
In terms of financial health, MRC Global's total assets increased to $1.774 billion as of June 30, 2025, up from $1.624 billion at the end of 2024. The company reported current liabilities of $587 million, with long-term debt totaling $445 million. The company’s liquidity position remains strong, with $75 million in cash and $499 million available under its Global ABL Facility. However, cash flows from operating activities were negative at $30 million for the first half of 2025, compared to $101 million generated in the same period last year, primarily due to increases in inventory and receivables.
Looking ahead, MRC Global anticipates continued growth in the Gas Utilities sector, driven by infrastructure upgrades and new residential developments. The company is cautiously optimistic about the impact of recent U.S. government policies on the oil and gas industry, although uncertainties remain regarding potential tariffs and their effects on product pricing. The company expects to leverage its supply chain expertise to navigate these challenges while focusing on expanding its market presence in energy transition projects.
About MRC GLOBAL INC.
MRC Global Inc. is a leading global distributor of pipe, valves, fittings, and infrastructure products for gas utilities, energy, and industrial markets. It offers extensive product and service solutions, technical expertise, and digital platforms to support mission-critical applications. Serving a diverse customer base worldwide, the company emphasizes supply chain efficiency, safety, and long-term relationships to maintain competitive advantage in the fragmented PVF industry.
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