MRC Global (MRC) Down On Q4 Earnings Miss, View Positive
Zacks Investment Research | Feb 19, 2018 07:56AM ET
MRC Global Inc. (NYSE:MRC) reported lower-than-expected results for fourth-quarter 2017. Shares of the company dipped nearly 3.8% to $16.73 per share as of Feb 16, after the quarterly results were announced.
Bottom-Line Performance
MRC Global reported an adjusted loss of 1 cent per share in the reported quarter, as against the Zacks Consensus Estimate of 3 cents per share. The company had recorded a loss of 18 cents per share in the year-ago quarter.
Adjusted earnings for 2017 came in at 27 cents per share, as against the adjusted loss of $1.10 per share recorded for full-year 2016.
Top-Line Performance
Sales in the reported quarter came in at $903 million, missing the Zacks Consensus Estimate of $912 million. However, quarterly revenues climbed 25.6% year over year. The upside primarily stemmed from improved North American midstream and upstream businesses.
Segmental Details
MRC Global’s fourth-quarter sales in the United States totaled $715 million, up 30% year over year. This upside was driven by increased midstream gathering and transmission, well completions and downstream project deliveries.
International sales came in at $117 million, up 3% year over year. The upswing was supported by increased upstream sector sales and favorable foreign currency-translation impact.
Revenues from Canada came in at $71 million, up 29% year over year. The year-over-year improvement was backed by solid upstream business and appreciation of the Canadian currency with respect to the U.S. dollar.
Revenues for 2017 came in at $3,646 million, higher than $3,041 million recorded in the year-ago period.
MRC Global Inc. Price, Consensus and EPS Surprise
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