MRC Global Inc. has postponed its Q4 2024 financial results release to allow for year-end audit procedures.
Quiver AI Summary
MRC Global Inc. has postponed the release of its financial results and the related conference call for the fourth quarter and full year of 2024, initially scheduled for February 11 and 12, 2025. The delay is due to additional time needed to complete year-end audit procedures concerning inventory cycle counts. The company expects to file its Form 10-K for the fiscal year ended December 31, 2024, on or before March 3, 2025. MRC Global, a leading global distributor of pipe, valves, and fittings, has extensive experience in providing supply chain solutions and product expertise across diverse markets, operating from 198 locations worldwide. The company warns that the anticipated filing date may change based on the completion of audit procedures and advises against placing undue reliance on forward-looking statements.
Potential Positives
- Postponing the financial results and conference call allows the company to ensure the accuracy and completeness of year-end audit procedures, particularly regarding inventory cycle counts.
- The company has a clear commitment to transparency by informing stakeholders of the delay and providing a new expected filing date for the Form 10-K.
- MRC Global's long-standing history of over 100 years and its position as a leading global distributor demonstrate a strong foundation and reliability in the market.
- The mention of a robust digital platform and extensive supplier network highlights MRC Global's innovative approach and comprehensive support for its customers.
Potential Negatives
- Postponing the release of financial results raises concerns about the company's financial health and the thoroughness of their year-end audit procedures.
- The delay in filing Form 10-K suggests potential complications with accounting processes, specifically related to inventory, which could indicate issues in financial management.
- The company's caution in issuing forward-looking statements regarding the filing date adds uncertainty, which may impact investor confidence.
FAQ
Why was MRC Global's financial results release postponed?
MRC Global postponed its financial results release to allow more time for year-end audit procedures related to inventory cycle counts.
When is MRC Global expected to file its Form 10-K?
The company expects to file its Form 10-K for the year ended December 31, 2024, on or before March 3, 2025.
What are the new dates for MRC Global's financial conference call?
The financial conference call has been postponed, and new dates will be announced at a later time.
What services does MRC Global provide?
MRC Global is a leading distributor of pipe, valves, fittings, and infrastructure products to diverse end-markets including gas utilities and energy transition.
How many locations does MRC Global operate?
MRC Global operates from 198 locations, including valve and engineering centers worldwide, offering extensive supply chain solutions to customers.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MRC Insider Trading Activity
$MRC insiders have traded $MRC stock on the open market 4 times in the past 6 months. Of those trades, 2 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $MRC stock by insiders over the last 6 months:
- LEONARD M ANTHONY sold 40,000 shares for an estimated $498,800
- ROBERT J. SALTIEL (President and CEO) has made 2 purchases buying 20,000 shares for an estimated $240,600 and 0 sales.
- DANIEL J CHURAY (See Remarks) sold 16,975 shares for an estimated $219,486
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$MRC Hedge Fund Activity
We have seen 94 institutional investors add shares of $MRC stock to their portfolio, and 96 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FIRST TRUST ADVISORS LP added 1,217,651 shares (+inf%) to their portfolio in Q3 2024, for an estimated $15,512,873
- ENGINE CAPITAL MANAGEMENT, LP removed 1,212,081 shares (-38.7%) from their portfolio in Q3 2024, for an estimated $15,441,911
- AMERICAN CENTURY COMPANIES INC added 720,102 shares (+59.8%) to their portfolio in Q3 2024, for an estimated $9,174,099
- GOLDMAN SACHS GROUP INC added 706,522 shares (+77.9%) to their portfolio in Q3 2024, for an estimated $9,001,090
- CRAMER ROSENTHAL MCGLYNN LLC added 608,647 shares (+inf%) to their portfolio in Q3 2024, for an estimated $7,754,162
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 506,738 shares (+72.3%) to their portfolio in Q3 2024, for an estimated $6,455,842
- BALYASNY ASSET MANAGEMENT L.P. added 490,035 shares (+596.4%) to their portfolio in Q3 2024, for an estimated $6,243,045
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) announced that it has postponed the release of its financial results and conference call related to the fourth quarter and full year 2024, which had previously been scheduled for February 11, 2025, and February 12, 2025, respectively. The company will reschedule both events at a later date.
The company is delaying the release of its financial results to allow additional time to complete year-end audit procedures specifically related to inventory cycle counts, including physical inventory procedures. The company expects to file its Form 10-K for the year ended December 31, 2024 on or before March 3, 2025.
About MRC Global Inc.
Headquartered in Houston, Texas, MRC Global (NYSE: MRC) is the leading global distributor of pipe, valves, fittings (PVF) and other infrastructure products and services to diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission infrastructure sectors. With over 100 years of experience, MRC Global has provided customers with innovative supply chain solutions, technical product expertise and a robust digital platform from a worldwide network of 198 locations including valve and engineering centers. The company’s unmatched quality assurance program offers approximately 200,000 SKUs from approximately 7,100 suppliers, simplifying the supply chain for over 8,300 customers. Find out more at www.mrcglobal.com
This news release contains a forward-looking statement within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The word “expect” (and similar expressions) are intended to identify forward-looking statements. The statement about the company’s expectation of the date of the filing of its Form 10-K for the year ended December 31, 2024 is only its expectation and not a guarantee of the actual filing date. This statement is based on management’s expectations that its audit procedures will be completed to allow the filing by that date. There is a risk that these procedures would require more time that would delay the filing. Undue reliance should not be placed on the company’s forward-looking statement. Although forward-looking statements reflect the company’s good faith belief, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the company’s actual filing date to differ materially from its anticipated date expressed by a forward-looking statement. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent required by law.
Contact:
| Monica Broughton |
| VP, Investor Relations & Treasury |
| MRC Global Inc. |
| [email protected] |
| 832-308-2847 |
