- MRC Global ( NYSE: MRC ) raised its 2022 revenue guidance to $3.3B from the previous guidance of $3.1B (vs. consensus of $3.14B).
- The company targets 2022 adjusted EBITDA of $230M, compared to the previous guidance of $200M. Adjusted EBITDA as a percentage of sales is targeted at ~7%, up from the previous guidance of 6.5%.
- "Robust activity in all of our sectors underpins our strong outlook for the full year, supported by continued growth in our order intake and backlog," CEO Rob Saltiel said.
- Q3 revenue is expected to be higher than Q2 with a seasonal decline in Q4.
- For Q2, the company now expects revenue to be up ~14% over Q1, compared to the previous guidance of high single-digit growth.
- The Q2 consensus revenue estimate is $800.88M.
- The Q2 adjusted EBITDA margin percentage is expected to be ~7.5% of revenue, the best quarterly adjusted EBITDA margin percentage since 2018.
- The company is scheduled to report its Q2 earnings on Aug. 8 after market close.
- Shares were trading +7.37% post-market.
- Source: Press Release
For further details see:
MRC Global raises 2022 revenue guidance after 'robust' activity in all sectors