Mike Miazga 2013-12-10 08:07:16
MRC Global reports 9. 5% revenue decline MRC Global’s 2013 third-quarter results show the company’s sales of $1.31 billion in that time-frame decreased 9.5% from $1.45 billion in the third quarter of 2012 due, in part, to a planned reduction in the company’s lower margin oil country tubular goods business. OCTG represented 8.0% of sales in the third quarter of 2013 compared to 12.8% of sales in the third quarter of 2012. Excluding OCTG, sales were lower across all sectors and segments. The decline in sales was partially offset by the acquisitions of Production Specialty Services and Flow Control Products, which together contributed $33 million of revenue in the third quarter of 2013. Net income for the third quarter of 2013 was $38.8 million, or $0.38 per diluted share, compared to the third-quarter 2012 net income of $55.6 million, or $0.54 per diluted share. “Our third-quarter results were in line with our expectations and reflect improved activity levels and customer spending on a sequential basis, although the year-over-year comparisons were challenged by a robust third quarter of 2012,” MRC Global Chairman, President and CEO Andrew Lane said. “We had strong free cash flow this quarter as reflected in the reduction of our outstanding debt to $1.04 billion.” In other MRC Global news, the company recently announced certain investment funds affiliated with Goldman Sachs & Co. Have completed their sale of 17,489,233 shares of the common stock of MRC Global. Goldman Sachs through the Goldman Sachs Funds was the private equity sponsor of MRC Global beginning with a private investment in 2007. MRC Global became a publically traded company in 2012. As a result of the recent transaction, the Goldman Sachs Funds no longer have a stake in MRC Global. MRC Global also announced subsidiary McJunkin Red Man Corp. has been awarded a five-year global framework agreement with BP International to supply pipe, fittings and flanges for BP’s Global Projects Organization. The agreement enables BP’s global project teams and their engineering, procurement and construction contractors to access MRC Global’s international resources to supply PFF products. PVF Roundtable moves meeting location in Houston PVF Roundtable Secretary/Treasurer Sheryl Michalak (Welding Outlets, Inc.) recently announced the popular quarterly gatherings will move to the Westin Galleria in Houston starting with the February 2014 meeting. The Westin Galleria (5060 West Alabama in Houston) is located across the street from the meeting’s previous home at the JW Marriott. The first PVF Roundtable of 2014 takes place Tuesday, Feb. 18. The remaining 2014 meetings with be held Tuesday, May 20, Tuesday, Aug. 19 and Tuesday, Oct. 21. The final PVF Roundtable meeting of 2013 in October established a new attendance record with 460 registrants. For more on the PVF Roundtable, visit www.pvf.org. Amer. Piping Products acquires Ozark Tubular American Piping Products recently announced it has purchased the assets of Ozark Tubular Products. Based in St. Louis, Mo., American Piping Products also has locations in Houston, Philadelphia, Chicago and Baton Rouge. The company primarily is engaged in the distribution of carbon- and chromemoly pipe, tubing, fittings and flanges used in the processing, energy, manufacturing, fabrication and construction industries. “The acquisition of Ozark is another important piece of our strategic growth plan,” American Piping Products CEO Al Rheinnecker said. “Ozark is an excellent company with great people who serve a diverse customer base. Ozark shares our philosophy of superior customer service, deep technical knowledge and rocksolid integrity. I have known many of the individuals at Ozark for a long time and I am thrilled to add them to our outstanding team.” American Piping Products also recently launched its new website at www.amerpipe.com.
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