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MRC Global Inc. (MRC-0.29%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported total sales of $3.011 billion for the year, a decrease from $3.266 billion in the previous year. The decline in sales was primarily driven by lower project activity and delayed timing of project orders in the U.S. segment.
Operating income for the year was $135 million, down from $188 million in 2023. This decrease was attributed to reduced sales and increased selling, general, and administrative expenses.
The U.S. segment reported sales of $2.530 billion, a decline from $2.845 billion in 2023, while the International segment saw an increase in sales to $481 million from $421 million in the previous year.
MRC Global completed the sale of its Canadian operations to EMCO Corporation on March 14, 2025, which resulted in a pre-tax, non-cash loss of approximately $22 million recorded in the fourth quarter of 2024.
The company repurchased all of its issued and outstanding shares of its 6.50% Series A Convertible Perpetual Preferred Stock for a total payment of $361 million, leading to a $9 million loss related to the repurchase and retirement of the preferred stock.
MRC Global's backlog as of December 31, 2024, was $558 million, a decrease from $663 million at the end of 2023, primarily due to lower project activity in the U.S. segment.
The company reported net income from continuing operations of $78 million, compared to $115 million in the previous year, with the decrease attributed to lower revenues.
MRC Global's cash and cash equivalents were $63 million as of December 31, 2024, down from $131 million at the end of 2023, primarily due to the repurchase of preferred stock and debt repayments.
The company anticipates that its sources of liquidity, including cash generated from operations and amounts available under its credit facilities, will be sufficient to meet its anticipated cash requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MRC Global Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.