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MRC earnings rise as sales tumble in second quarter

Keywords: Tags  MRC Global Inc., quarterly results, earnings, energy market, pipe, valve, fittings supplier, oil country tubular goods OCTG

NEW YORK — MRC Global Inc. posted net income of $43.9 million during the second quarter, a 39.9-percent increase from $31.3 million in the same period last year despite an 11.4-percent decline in sales to $1.27 billion.

Earlier this year, the company vowed to move away from the lower-margin oil country tubular goods (OCTG) market (, Feb. 25).

The Houston-based company now expects full-year revenue of between $5.1 billion and $5.3 billion and adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $385 million to $415 million, down from previous estimates of between $5.75 billion and $5.95 billion and Ebitda of $480 million to $510 million.

MRC is the largest global distributor of pipe, valves and fittings and related products and services to the energy and industrial sectors, according to its website.

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