MRC Global Inc., a 100-year-old distributor of pipes, valves, and fittings (PVF) and other products and services to the energy industry, now generates 60% of its North American orders online, the company says.
For the first quarter ended March 31, MRC reported total sales of $885 million. That’s a 19.2% increase from $742 million in the first quarter of 2022. Net income was $28 million. That compares with $10 million in the first quarter of 2022.
60% all North American sales are now digital, MRC says. Based on that metric, Digital Commerce 360 projects ecommerce sales totaled about $531 million. The distributor did not break out a similar metric for the prior year.
Overall ecommerce accounted for 52% of sales in Q1 compared with 42% in the prior year. Based on these metrics, Digital Commerce 360 projects that Q1 ecommerce sales totaled $460.2 million, up 48% from $311.6 million in Q1 of 2022.
“Our strong first quarter performance, our solid and growing backlog and our strong alignment with our customers’ spending plans all provide us with increasing confidence in our 2023 outlook,” says CEO Rob Saltiel.
MRC Global earnings
For the fiscal first quarter ended March 31, 2023, MRC reported
- $885 million in total sales. That’s up 19.2% from $742 million in Q1 2022.
- $28 million in net income, compared with $10 million in the year-ago period.
- MRC digital sales account for 60% of all North American sales. Digital Commerce 360 estimates MRC ecommerce sales total $531 million.
Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports.
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