MRC Global (MRC) Misses Q3 Earnings And Revenue Estimates
Zacks Investment Research | Nov 02, 2017 10:54PM ET
MRC Global Inc. (NYSE:MRC) reported lower-than-expected results for third-quarter 2017.
Bottom-Line Performance
Quarterly adjusted earnings came in at 2 cents per share, missing the Zacks Consensus Estimate of 7 cents. However, the company had reported a loss of 6 cents per share in the prior-year quarter.
Top-Line Performance
Sales in the reported quarter came in at $959 million, missing the Zacks Consensus Estimate of $964 million. However, quarterly revenues improved 20.9% year over year.
Segmental Details
MRC Global’s third-quarter sales in the United States totaled $759 million, up 29% year over year. This upside was driven by increased upstream well completion and midstream customer spending activity.
International sales came in at $123 million, declining 8% year over year. The segment was hit by lower sales from the upstream sector. The sector’s revenues dipped due to conclusion of an important project in Norway.
Revenues from Canada came in at $77 million, up 10% year over year. The year-over-year improvement was backed by solid upstream business and increased well completion activities, as well as higher rig count.
MRC Global Inc. Price, Consensus and EPS Surprise
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