MRC announces 2nd quarter 2012 results

MRC Global Inc. announced its second quarter 2012 financial results. MRC’s sales of USD 1.430B in the second quarter of 2012 were up 22% from USD 1.168B in the second quarter of 2011. MRC’s net income was USD 31.3M, or USD 0.32 per diluted share, as compared to USD 4.7M, or USD 0.06 per diluted share, in the second quarter of 2011. Included in the second quarter of 2012 net income was an USD 11.4M pre-tax related to the purchase and early retirement of a portion of MRC’s senior secured notes. Excluding the impact of this charge, net income was USD 38.8M, or USD 0.39 per diluted share.

Adjusted EBITDA rose 36% to USD 123.6M for the second quarter of 2012, compared to USD 90.6M for the same period in 2011. See the table below for a reconciliation of Adjusted EBITDA to net income.

For the first six months of 2012, MRC’s sales were USD 2.813B compared to USD 2.160B for the first six months of 2011, an increase of 30%. MRC’s net income for the first six months of 2012 was USD 68.9M or USD 0.75 per diluted share, compared to net income of USD 3.6M or USD 0.04 per diluted share in the first six months of 2011. Excluding the impact of the charge associated with the purchase and early retirement of a portion of our senior secured notes, net income for the first six months of 2012 was USD 76.4M or USD 0.82 per diluted share.

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