MRC Global Q2 Profit Declines; Lifts FY14 Sales Outlook

(RTTNews) - MRC Global Inc. (MRC) reported second-quarter net income of $39.3 million, or $0.38 per share, compared to $43.9 million, or $0.43 per share, last year. Adjusted earnings per share for the latest second quarter of 2014 was $0.42.

On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.42 for the quarter. Analysts' estimates typically exclude special items.

Sales for the latest second quarter were $1.50 billion, up 18% from $1.27 billion, while 11 analysts expected revenue of $1.41 billion for the quarter.

For full year 2014, MRC Global now expects sales of $5.7 billion to $5.9 billion, up from its prior range of $5.5 billion to $5.8 billion. Analysts expect the company to report full year 2014 revenues of $5.69 billion.