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.”