MRC Global (NYSE: MRC), Houston, Texas, a distributor of PVF and other infrastructure products and services to diversified gas utility, energy and industrial end-markets, reported full-year 2023 sales were $3.4 billion, up 1% from 2022.
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Profit was $114 million for the year.
Fourth quarter 2023 sales were $768 million, down 12% from the same period last year. The decline was driven by the gas utilities sector followed by the production and transmission infrastructure sector. Profit for the quarter was $21 million.
U.S. sales in the fourth quarter were $633 million, down 12%. Canada sales were $28 million, down 39%. International sales were $107 million, up 4%.
“In 2024, we expect revenue to be flat to modestly lower than 2023 levels,” said CEO Rob Saltiel. “We expect a pick-up in our business activity in the second half of the year as an improving economy and lower interest rates support projects and oil and gas investments.”
