MRC Global issues strong 3Q outlook
HOUSTON (AP) — MRC Global Inc. on Tuesday issued strong third-quarter financial guidance and raised the high end of its revenue prediction for the full year. Its shares rose more than 2 percent in premarket trading.
The Houston-based global energy products distributor, which went public in April, said it expects to post third-quarter net income of between 45 cents and 52 cents per share. Revenue is projected at $1.43 billion to $1.47 billion.
Analysts polled by FactSet expect a profit of 46 cents per share and $1.44 billion in revenue.
For the full year, MRC said it now expects its revenue to total between $5.55 billion and $5.68 billion. It previously predicted a range of $5.5 billion to $5.65 billion. Analysts expect $5.63 billion.
Andrew Lane, MRC's chairman, president and CEO, mainly to higher North American shale infrastructure spending by the company's major customers.
MRC shares rose 51 cents, or 2.1 percent, to $24.45 per share in premarket trading.