MRC Global sees Q1 revenue $710M, consensus $679.8M

Sees Q1 adjusted EBITDA roughly $35M. Rob Saltiel, MRC Global’s (MRC) President and CEO stated, “I am very pleased with our strong start to the year, with activity levels and margins exceeding expectations. Our US segment drove the sequential revenue increase, led by 13% growth in DIET, 8% in Gas Utilities and 6% in PTI. We are optimistic about continued revenue growth in the second quarter, and we estimate a high-single to low-double digit percentage increase in sequential sales supported by our growing US backlog, which is up more than 20% since the beginning of this year.”