Mike Miazga 2014-04-03 22:57:22
MRC Global announces full-year 2013 results MRC Global recently announced fourth-quarter and full-year 2013 results. The company's sales increased 3% from $1.31 billion in the fourth quarter of 2012 to $1.34 billion in the same quarter of 2013. The increase of $37 million came from the acquisitions of Production Specialty Services, Flow Control Products and Flangefitt Stainless, all of which are primarily in the upstream sector. Net income for the fourth quarter of 2013 was $23.3 million or $0.23 per diluted share compared to a fourth-quarter 2012 net loss of $6.4 million or ($0.06) per diluted share. Adjusted diluted EPS for the fourth quarter of 2013 was $0.32 per diluted share and excludes the impact of a total of $9.7 million in after-tax charges ($0.09 per diluted share) related to re-pricing of debt, the accelerated recognition of equity-based compensation and an increase in valuation allowances for curtailed deferred tax assets. "While 2013 didn't result in the growth we had initially expected, we completed our strategic rebalance of OCTG, which resulted in a $251 million drop in annual revenue compared to 2012, but accomplished our goal of reducing our exposure to our most volatile, lowest-margin product line," MRC Global Chairman, President and CEO Andrew Lane said. "The year finished on a positive note with the highest sales quarter of the year, up 2% from the previous quarter despite poor weather and fewer billing days." Two key PVF events slated for Houston The spring PVF Roundtable takes place Tuesday, May 20 at the Westin Galleria in Houston. The PVF Roundtable is coming off another record-setting event in February, which was headlined by Chicago Tube & Iron President and CEO Dr. Don McNeeley's keynote address. At the May event, ExxonMobil President of Research and Engineering TJ Wojnar will be the keynote speaker. Another record crowd is expected. A day earlier, the PVF Roundtable will hold its sixth annual Don Caffee Memorial Golf Tournament at Sweetwater Country Club in Sugar Land, Texas. Lunch and a silent auction follow the golf tournament. The event benefits the PVF Roundtable's industrial scholarship fund. On Wednesday, May 21, the American Supply Association's Industrial Piping Division takes center stage at the Westin Galleria as it hosts its IPD Open House from 8 a.m. to 11:30 a.m. In addition to a networking breakfast, a legislative and regulatory update will be provided. Presentations on industrial markets and key business and economic trends affecting wholesale-distribution through 2015 also are part of the event. For more on the PVF Roundtable, visit www.pvf.org. For more on the IPD Open House, visit www.asa.net. Slow metals growth continues in February According to the Metals Service Center Institute, yearover- year growth picked up slightly in the United States for both steel and aluminum in February. MSCI reported U.S. service center steel shipments in February increased by 0.4% from February 2013. Steel shipments for 2014 year-to-date increased by 0.2% from the same period in 2013. Steel product inventories increased 0.8% from February a year ago and 0.3% from last month. U. S. service center shipments of aluminum products in February increased by 8.9% from the same month in 2013. Inventories of aluminum products decreased1. 2% from last month. Canadian steel shipments declined, but at half the rate as in January.
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