MRC Global Inc. reported a decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $3.011 billion, an 8% decrease from $3.266 billion in 2023. The U.S. segment saw a significant drop in sales, falling to $2.530 billion from $2.845 billion, primarily due to reduced activity in the Production and Transmission Infrastructure (PTI) and Gas Utilities sectors. In contrast, the International segment experienced a 14% increase in sales, reaching $481 million, driven by growth in the PTI and Downstream, Industrial, and Energy Transition (DIET) sectors. The company's net income from continuing operations was $78 million, down from $115 million in the previous year, reflecting a 32% decrease.
The company also recorded a pre-tax, non-cash loss of approximately $22 million related to the sale of its Canadian operations to EMCO Corporation, which was completed on March 14, 2025. This sale has been classified as discontinued operations in the financial statements. MRC Global's gross profit for 2024 was $620 million, representing 20.6% of sales, compared to $670 million (20.5% of sales) in 2023. Adjusted EBITDA also decreased to $202 million from $251 million, indicating a decline in operational efficiency amid challenging market conditions.
Operationally, MRC Global serves over 8,300 customers through a network of 197 service locations and maintains a diverse supplier base of over 7,100 suppliers. The company has emphasized its commitment to digital transformation, with 49% of revenue generated through digital channels in the past year. The company is also investing in a new cloud-based enterprise resource planning (ERP) system, expected to be fully implemented by the end of 2025, to enhance operational efficiency.
Looking ahead, MRC Global anticipates continued challenges in the market, particularly in the Gas Utilities and PTI sectors, which are sensitive to capital expenditures and commodity prices. The company noted that while long-term growth fundamentals remain intact, current economic conditions, including inflation and interest rates, have led to delays in project activities among key customers. MRC Global remains focused on optimizing its operations and maintaining strong relationships with its customer base, which includes many of the largest companies in the energy and industrial sectors. The company expects to leverage its extensive product offerings and supply chain solutions to navigate the evolving market landscape.
About MRC GLOBAL INC.
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