HOUSTON - MRC Global Inc. (NYSE:MRC) reported fourth quarter earnings that missed analyst estimates, but shares rose 3.5% following the announcement of a new joint venture in the gas utilities sector.
The oil and gas products distributor posted a fourth quarter loss of $0.14 per share, falling short of the $0.10 profit analysts expected. Revenue came in at $664 million, below the consensus estimate of $734.1 million and down 10% YoY.
Despite the earnings miss, investors appeared to focus on MRC Global’s newly announced joint venture with Frisbie Measurement Services to form IMTEC Services, which will provide integrated smart meter technical services to gas utilities customers.
"We are very excited to announce today our new IMTEC joint venture which simplifies the development of smart meters for our gas utilities customers," said CEO Rob Saltiel.
For the full year 2024, MRC Global reported sales of $3.01 billion and net income from continuing operations of $78 million, or $0.57 per diluted share. The company generated $268 million in operating cash flow from continuing operations, its highest level since 2015.
Looking ahead, Saltiel expressed optimism for 2025, forecasting revenue growth in the low to high single digits across all business segments. The company expects to generate at least $100 million in operating cash flow and plans to begin executing its recently announced $125 million share buyback program.
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