MRC Global announces third quarter results

MRC Global announced company sales were $685 million for the third quarter of 2021, which was consistent with the second quarter of 2021, but 17% higher than the third quarter of 2020, the Houston-based industrial PVF distributor noted.

Sequentially, the U.S. segment experienced modest growth led by the downstream, industrial and energy transition (DIET) sector offset by the international segment, which declined due to delayed maintenance, repairs and operations and project activity, MRC Global explained.

As compared to the third quarter of 2020, broad economic recovery drove improvement in sales across all sectors, it said. Net loss attributable to common stockholders for the third quarter of 2021 was ($17) million, or ($0.21) per diluted share, as compared to the third quarter of 2020 net loss of ($3) million or ($0.04) per diluted share.

“Our third-quarter results reflect solid execution and good cost control as we achieved adjusted EBITDA margins of 5.7%, the highest for our company in two years,” MRC Global President and CEO Rob Saltiel said. “Our U.S. business grew 2% sequentially while our international segment experienced revenue declines due to delayed MRO and project activity. We expect double-digit revenue growth next year based on our growing backlog and increased customer activity.”

MRC Global’s third quarter of 2021 gross profit was $95 million, or 13.9% of sales, as compared to the third quarter of 2020 gross profit of $114 million or 19.5% of sales. Gross profit for the third quarter of 2021 includes $32 million of expense in cost of sales relating to the use of the last-in, first-out (LIFO) method of inventory cost accounting as compared to the third quarter of 2020, which reduced cost of sales by $11 million. Adjusted gross profit, which excludes the impact of LIFO was $137 million or 20.0% of revenue, for the third quarter of 2021 and was $115 million, or 19.7% of revenue, for the third quarter of 2020.

Midland Industries acquires Century Brass

Midland Industries announced the acquisition of Century Brass Products, a distributor of primarily machined brass fittings and valves to the plumbing industry across the US.

"The acquisition of Century Brass strengthens our team and product offering while expanding our customer base and footprint in the plumbing wholesale space,” Midland CEO John Gerber said. “We welcome Terry Klein and his team to the Midland family and look forward to learning from their years of history and deep product knowledge, enabling us to continue providing our customers a distinct advantage in the marketplace.”  

"We are excited to be part of the Midland family,” said Klein, vice president of Century Brass. “We’re thrilled to leverage the technology and product offering to our customers, and to utilize the connected network of inventory across the United States.”

AD buying/marketing group continues record-setting sales

The AD buying and marketing group reported member sales in the first nine months of 2021 were $44 billion, an increase of 34% across its 13 divisions and three countries. Same-store sales were up 19%. Member companies’ purchases from AD supplier partners grew 31%. Net distributions to its members were up 41%.

AD’s Chairman and CEO Bill Weisberg underscored that these performance measures are a powerful illustration of the commitment the group’s members and supplier partners have to each other’s success and mutual growth.

Despite remarkable results, Weisberg assures members that the AD team is not resting on its laurels. “Every day, we’re out there advocating for our members, negotiating for the best programs and imagining new programs and services to bring value to their businesses,” Weisberg said. “Just like our determined, purpose-driven independent members, we’re not about to let up now. We have more mountains to climb.”

Uponor announces national
distribution agreement with Winsupply

Uponor North America announced a national distribution agreement with Winsupply to stock Uponor PP-RCT piping, fittings and accessories at select Winsupply local companies and two distribution centers across the U.S.

"We are excited to announce this new partnership with Winsupply, as they are committed to broadening polymer piping offerings into their channels with strategic partners like Uponor,” said Chris Budion, vice president of sales at Uponor North America. “We are confident this agreement will create growth opportunities for both companies, as we work together to provide customers with the convenience and efficiency of a complete polymer piping solution from one trusted source.”

“Winsupply is eager to help Uponor pioneer this product line,” added Bruce Pilbeam, product manager, rough-in plumbing, Winsupply. “PP-RCT has shown enormous growth potential in the commercial sector. Winsupply and our local companies are excited to support bringing Uponor PP-RCT to market.”

In addition to stocking Uponor’s PP-RCT piping system, Winsupply is already leveraging Uponor’s commercial training team with hands-on instruction, as well as virtual learning, through Uponor Academy Online. “We are setting Winsupply up for success by ensuring they have the knowledge and skills to confidently sell the benefits of PP-RCT, and safely instruct their customers on proper installation,” Budion said.

Available in sizes from 1/2-inch to 12 inches, the Uponor PP-RCT piping system is ideal for use in hydronic heating hot water, chilled water and industrial applications, including condenser water, geothermal, compressed air and vacuum and direct-burial applications.

Uponor offers a 10-year limited warranty on all PP-RCT products. For hybrid Uponor PP-RCT and PEX-a systems, the company offers a 10-year limited warranty on PP-RCT to complement the 25-year transferable limited warranty on all its PEX-a pipe and ProPEX fittings.