MRC Global Inc., a distributor of pipe, valve and fitting products and services to the energy and industrial markets, is close to the day when 50% of all sales will be digital.
For the second quarter ended June 30, Houston-based MRC posted total sales of $848 million, an increase of 23.6% from $686 million in the second quarter of 2021. Net income was $14 million vs. $4 million in Q2 2021.
Ecommerce accounts for 48% of total MRC sales
MRC says ecommerce accounted for 48% of sales in the quarter compared with 40% in the second quarter of 2021. Based on those metrics, Digital Commerce 360 projects that ecommerce sales grew year over year by 48.5% to $407.04 million. That compares with $274.4 million in the second quarter of 2021.
The company carries an inventory of 250,000 SKUs, including an array of pipe valves fittings (PVF), oilfield supply, valve automation and modification, measurement, instrumentation, and other general and specialty products from a global network of more than 10,000 suppliers. MRC didn’t mention any ecommerce specifics on a recent Q2 earnings call.
But overall, given the recent spike in energy prices, MRC had a good second quarter, CEO Rob Saltiel told Wall Street analysts.
“Our U.S. upstream business grew 16% sequentially as our traditional customers ramped up investment in response to persistently strong oil and gas prices, and we expanded our share with new customers,” he told analysts.
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