MRC Global reports Q3 adjusted EPS 13c, consensus 33c

Reports Q3 revenue $678M, consensus $854.6M. Rob Saltiel, MRC Global’s (MRC) President and CEO, commented, “The implementation of our new enterprise resource planning (ERP) system in our U.S. segment encountered significant challenges that adversely impacted our revenues, profitability, and cash flows, during our third quarter. We deployed extensive resources to ensure that customer service levels were maintained and that business operations could function as we addressed the system issues. I am pleased to report that our financial and operations performance improved dramatically by the end of our third quarter and that this more normalized performance has continued throughout the month of October. We greatly appreciate the patience of our customers and the hard work by the entire MRC Global team during this system transition.”