Houston, Texas-based MRC Global Inc., the largest global distributor of pipe, valves and fitting (PVF) to the energy and industrial sectors reported a net loss of $6.4 million for Q4 2012, compared to net income of $3.6 million in Q4 2011. During the quarter, net sales totaled $1.3 billion, driven by a 9.4 percent growth in sales of the company's core product offerings and offset by the planned reduction in the OCTG business.
The company's North American sales were $1.166 billion in Q4 2012 and reflect a decrease in OCTG revenues of $102 million from Q4 2011. Excluding the OCTG business, North American revenues were 5.3 percent higher than last year's fourth quarter. International sales of $140.6 million in Q4 2012 increased 55 percent over the same period in 2011, primarily due to the acquisition of OneSteel Piping Systems (MRC PSA) in March 2012.
Sales in 2012 were a record of $5.571 billion, compared to $4.832 billion in 2011, an increase of 15 percent. For the full year, MRC's reported net income for 2012 was $118 million, compared to net income of $29 million in 2011.
