MRC Global Inc. reported 2021 year-end sales of $2.66 billion, a 4% increase over 2020. The pipes, valves and fittings distributor also reported 2021 fourth-quarter sales of $686 million, an 18% increase over the same period in 2020.
For the year, adjusted EBITDA was $146 million, 5.5% of sales, a 51% improvement over 2020. In 4Q 2021, adjusted EBITDA of $47 million, 6.9% of sales, the highest percentage since the third quarter of 2018.
Adjusted gross profit, as a percentage of sales, was 20.1% for the year overall and 21.6% for 4Q.
Gas utilities achieved over $1 billion in revenue for the year, an increase of 21% compared to 2020, representing 38% of total revenue, MRC Global said.
“Our fourth quarter 2021 adjusted EBITDA of $47 million was up 21% over the third quarter, and adjusted EBITDA margin of 6.9% was our highest since 2018. In addition, for the full year 2021, we generated $56 million of cash from operations and reduced our total debt by $86 million,” said R ob Saltiel, MRC president and CEO. “These strong financial results reflect our focus on providing excellent customer service, increasing our profitability, strengthening our balance sheet and managing our global supply chain.”
Saltiel added, “In 2022, we expect all four of our U.S. end-market sectors to achieve double-digit revenue growth and for our Canada and International segments to each deliver revenue and adjusted EBITDA above 2021 levels. For the company as a whole, we are targeting at least $3 billion of revenue and $190 million of adjusted EBITDA. We believe there is potential for outperformance if capital spending levels exceed forecasted levels for our major customers.”
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