Earnings call transcript Q1 2023

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Operator

Greetings. Welcome to MRC Global's First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.

conference Treasury. Monica the Investor Vice turn and Relations now over Broughton, to President, I'll may begin. you Monica, now

Monica Broughton

Thank you, webcast. and Global joining first good morning. Welcome XXXX us. conference to earnings call and We you quarter appreciate the MRC

XXXX. as the until available and and dial-in President our by The and There webcast Kelly Rob replay May a mrcglobal.com President CEO; will Vice on call be in today, well Executive of is On phone yesterday's have CFO. Saltiel, XX, as we by Youngblood, today's information website, call release.

XXXX, quarterly of to file on that advised on expect the that today, today, as this We may and later information Please only the X, and website. will our the longer time therefore, available report be you speaks be Form on replay. accurate reported of call also are XX-Q of no information note it as our May

various today, our measures. will non-GAAP discuss In we call

our learn items, call reconciliation our references these measures we to which see Unless and a the about of release encouraged read found be this can otherwise, measures of to specifically website. non-GAAP to GAAP related EBITDA. more in earnings EBITDA are to to refer adjusted You state our and filings use all these securities on to of

reflect the the States views United current In this addition, These by federal statements Global. of of the meaning the management securities comments Global management statements during MRC forward-looking forward-looking of the made of call may MRC within laws. the contain

results today. could those actual differ expressed However, from materially

risk company's forward-looking factors in-depth to a of encouraged the more statements. the read for these filings are You SEC concerning review

Saltiel. to like our I'd to call now turn CEO, Mr. over Robert And the

Rob Saltiel

with provide our call. review a level welcome end a joining outlook today's a of by and conclude first first will followed remarks with and before our of brief XXXX guidance I sector morning, to loan Thank to detailed our our refinancing. XXXX you, and related provide I Good results prepared comments and results quarter the high term Monica. performance, Kelly review recap. everyone will quarter

discussing by reporting begin quarter. sector will change a our in this I effective

have a As diversify continue third our over represent on today, our and sectors combined last years, company's we we annual few a our basis, highlighted traditional business midstream of about revenue. to frequently upstream where the

years gas processing similar in and than of participate production sectors and these X ago, oil gathering XX% general sales. customers common comprised and they commodity our and businesses activities. relating more activity These to drivers have share pricing, who production

sectors these addition, been leaders. MRC at business have In by managed common Global

two these going have reporting into or of a the result will we called and production forward. new we short, factors, businesses combined PTI for sector a use infrastructure As for which transmission

confidence strong on our this financial our increasing am results. quarter I Moving our in performance us very to outlook. with with in the as provides year full first pleased

strong line of top improvement. million, revenue sequential was a Our representing year-over-year $XXX X% XX% with growth and

same the million, and higher quarter EBITDA sectors to of quarter revenue leading last realized PTI our which Compared XXX focus a the improved and product This the of X.X%, discipline result basis direct on pricing. of improvement margins EBITDA our by mix We of year, than the with DIET point adjusted with higher experienced three $XX XXXX of XX% way. driven margins, increases and was double-digit first increase. gross cost is each

quarter first continued sequentially, Our of of quarter across versus X% our higher signaling the last of revenue was XX% up the year backlog strength end and at business. XXXX first the

of adjusting XX.X% a is invested improved ROIC profitability translating trailing the XX ROIC. or on was impact our on LIFO, month basis. for into capital Our improvement returns After

future driver it and years, creation. continue as XXXX We increase expect this key see a metric throughout to value in to for we and

Turning performance. to now our sector

quarter increases. as and revenue as turnaround with led stands sector revenues by comparisons, and activity XXXX and refiners XX% growth maintenance company's by both customers, our and increasing levels. quarter In versus year-on-year higher driver projects fourth XXXX with for out sequential the LNG chemicals first spending along versus sequentially primary the DIET expanded Our XX% associated

success our projects our by expanded deepening this tremendous and and driven end OEMs. execution with and capabilities, LNG planning with had project with users relationships EPCs year, early We've are engagement

maintains Our growth. expectations backlog Project strong Center that of for Excellence of a LNG revenue projects growing underpin our

primarily sector quarter benefit year. experienced to focus companies increased execute and continue Our and opportunities. continue strong a PTI to over oil business XX% the from our as recent gas business the plans. continues in of customer IOCs revenue prices, our base public This have Permian independent PTI comprised to and expect volatility we Basin larger their Despite first to this fundamentals the of on XXXX results improvement improving

rate it Our and activities. well and our X Gas over meter integrity be other a an revenue XX% XX% several perform sales growth implemented growth to exciting growth compound business business achieved years, engine reliability, environmental past This continues continues customers pipeline with year-over-year well as as the for annual company. Utilities system projects to has upgrade as

independent contributor Global that and gas the sector prices, thesis. investment is to this utilities performance gas is MRC a commodity oil Given of our largely highly resilient

now want outlook. a our comments to I provide XXXX few on

increasing with double-digit with provide performance, previous to as We outlook. Our strong first backlog in our growing continue solid us guidance X%. XXXX customers' margins exceeding sales expect and quarter all our and and spending confidence alignment we our our our reiterate growth strong plans EBITDA

provide XXXX business continue from on section. expect flow segments, this and to all details three million generating target We in our revenue and further will improvement or cash more full geographic the guidance for of strong $XXX Kelly we operations sectors across year.

Term loan the B. refinancing In address term postponement our Loan of $XXX I recent to like April, of would million refinancing. we our the launched Finally,

loan improving September As a loan to reminder, this market we conditions. take mature advantage attempted but of until earlier not does the of debt to refinance XXXX,

to favorable the the action refinancing of refinancing, This conclusion. the after efforts to their the refinancing initiated our before refinancing preferred elected court complicated Shortly execution on action of launch from stockholder we so the prevent postpone the closing. a terms,

in that be hopeful we are a and of capital fair preferred structure Any be with can agreement stockholder preferred the disposition regarding all We we reach to and shareholders. resolution our are discussions our shares, should the achieved.

I that shareholders repay remind lending our global continue which not term our loan have under we in the of want should liquidity asset-based to mature expect facility, to to does to ample full, necessary. also September XXXX debt that be until

from Our and we and this is liquidity on to continue year as solid cash situation into operations the significant generating future. focus our improving

the that, with turn call And over now Kelly. I'll to

Kelly Youngblood

of XXXX, unless comments fourth the results to of otherwise sequential focused Thanks, be today primarily Rob, comparing quarter morning, and stated. everyone. on will My first good quarter the XXXX

first gas $XXX the X% up From business a more for cyclical resilient, lines. make sales and represent sectors, two which will million, I of Total with less our expectations. our our sequential original quarter begin thirds our and diet utilities perspective, were approximately a increase, revenue outperforming sector

utility continued associated Gas and were levels activity $XXX infrastructure gas reduction U.S. quarter, in year, Compared the to to the a emission the utility X% strong last safety-related sales timing quarter or first improvement of same million XX% $XX and deliveries grew million with due projects projects. programs modernization, on in the decrease sector the

and XX%, by was revenue or increased maintenance $XXX customers. sector first and along with million projects, DIET refining, mining LNG of quarter million, spending turnaround sequential driven The chemicals $XX increase a for

XXXX the a ago, the This in XX% with and first over on of along again, sector maintenance work LNG chemical of the same quarter year refining customer quarter delivered projects. strength and turnaround growth project

In X% we're and decrease The sequentially. quarter. $X E&P projects with by a million, PTI completions the revenue Permian includes U.S., base, but public active which operators, gathering quarter this processing very the modest the sector million activity of the first the for lower Basin, of or in customer was our $XXX offset timing larger

We saw projects processing since PTI, and for XX% the backlog also by increased year-end. gathering including

million driven the From a increase the perspective, was revenue the quarter, million a up XX%. quarter, was geographic DIET segment $XX $XXX first million in from which by sector, previous or U.S. $XX

Canada first quarter, previous million in the sequentially certain the $X unchanged $XX X% to the orders. due was million first International or the of revenue quarter. down million from timing pipe revenue $XXX was quarter, in

the up since international year XX% However, end. backlog is

to turning fourth was the in with Now the Adjusted $XXX million margins. quarter for profit first line gross quarter. XX.X% or

deflation business, with other been accretive such [ph] offsetting products as that headwind margins. BAMI have have we this Although are seen successful pipe we line our to in overall company

of XXXX, step We for averages. average a margins gross XX% from our historical continue to target change

XX sales basis quarter Reported initiatives the point of our SG&A the The this for first quarter $XXX strong $XXX revenue. quarter for or as control fourth compared improvement million function or higher XXXX. cost of and quarterly XX.X% of a was million XX.X% was to

XX% be range. expect we the the average percentage year the SG&A, For of in to mid full sales to continue

a as the As year, our to gradually expect percent revenue see cost throughout declining. higher we of revenue the trends

XX line. XXX basis was basis that a revenue for of years improvement incremental million EBITDA driving the or the of ago, and X.X% efficiencies we the quarter point a over more improvement last quarter fourth evidence the over quarter $XX achieved first same improved few of sales, XXXX the a the year over point to bottom

in expense is XXXX. and foreign tax million with fourth taxes, non-deductible quarter XX% income Tax and effective first rate income in an to as the expense was the rate million tax expenses $XX the The $XX effective in quarter the of difference to state compared due rate of statutory differing rates.

$X.XX attributable was income per stockholders average LIFO of share, quarter, basis, or and net first attributable for our normalizing million we the share. to cost income diluted stockholders per $XX For million to $X.XX $XX or diluted net adjusted common on an common had income

normal seasonal in the ramp we operations, inventory second for third we purchases the and quarters. us In our million year experience highs preparation in the from cash which course we is tend $XX earlier first that quarter, for up typically of consumed to in the as in business

in generate cash XXXX the or expect our achieving million generate We more. goal remaining cash the to $XXX year, quarters of each of to ultimately of operating

in we and of for generate is the typically initiative each half of year cash Additionally, years as previously both in the And forward a second generating we mentioned, consistently company. going key growth decline cash the year. more

first XX.X% gradually revenue. of the the going Working capital XX.X% quarter higher each to fourth sales decline as build in combination increased inventory quarter. the forward inventory quarter XXXX, percentage to expected percent from reduced of a in is a due up due to of This quarter, and primarily this was

end in our of the we and at when record debt quarter was line debt was X.X quarter same year our ratio was and quarter times, which over million, with outstanding the times. improvement $XXX $XXX leverage X.X net million the of set prior based ratio considerable in last total leverage on the the a Our is

$XXX a and was the liquidity under $XX last we $XXX liquidity is position total a ABL year. million for quarter million to first in had availability cash end increase facility Our quarter. first of $XXX This of our nearly of of the million, million at compared

And under preferred as we expect with of upcoming maturity if needed, mentioned, are to to stockholder. B capacity Rob we a XXXX, our to if Loan come our ABL continue the unable our Term in use, of have plenty to to resolution address for

outlook, solid us mentioned Rob XXXX To outlook. earlier, in XXXX confidence finish as off our our results with quarter provide our first

We expect margins. continue the to increase to EBITDA surpass and revenue X% target double-digit a percentage hurdle for

perspective, finally, the to the digits. increase in gas low revenue we an mid-teens digits. in And increase increase DIET the sector the a From by upper followed most to in percentage segment PTI the single with utilities range, high expect double

to geographic a each double-digit percentage this in improvement our a low of From view, segments. translates

be for rate due XX% from to the items. effective projected Our to tax XX%, discrete fluctuate quarter-to-quarter but year normalized to could is

cash mentioned earlier, the this in flow strengthening the balance of remainder near a we prioritized into as translate term to continue inventory business. perspective, from the materialize higher in continue year levels sheet and And percentage meaningful Excess levels, to in cash second from the a be the operations. to the improve with activity cash the $XXX further is of will it cash as our generation and to levels growth cash million current more towards or half And for expected from decline of flow expect year. of

our the in utility to those finally, expect And we range. driven averages sequentially the be seasonal quarter $XX our of in by $XX Regarding before throughout line in million in with with normal growth year, our historical third million single quarter. continued revenue the to capital at gas the fourth in expect the we the decline to digits, second quarter increase we expenditures, the cadence look business low as

And turn to with like for comments. to Rob I would closing that, back it

Rob Saltiel

Kelly. Thanks,

to some Our summarize These three before I are stronger-than-expected first on results across of quarter our financial efficiency. capital continuing Q&A. and business strength profitability and all highlights reflect opening the want focus sectors for

Our confidence outlook. growing our impressive the XXXX quarter and in business our first of increased performance backlog have

All revenue to X% double-digit growth our rates. for margins three of in solid excess We expected XXXX. of and growth business EBITDA achieve are sectors expect

and growth. from generation in $XXX in the operations targeting remains operating cycle XXXX, even business million through in of double-digit revenue flow excess we cash Cash a priority, with are

is our of strategy traditional paying diversification revenue off Our approximately generated oil field. the thirds outside with two

they prices, Our over gas utilities growth largely and thrive attractive independent each term. longer diet prospects and the of sectors commodity offer

And with will questions. Operator? that, your we take now

Operator

Thank you. a Moll first the question conducting proceed question. Instructions] you. with [Operator We'll now from Thank with Please session. our Stephens. be question-and-answer Tommy your line is of And

Tommy Moll

Good morning and questions. taking my thanks for

Rob Saltiel

Tommy. morning, Good Hey.

Tommy Moll

a mid-teens segment, like that's from the before. the got like it's outlook revenue to around segment increasing wanted on but you've essentially recognize feels for I Rob, an it year, start for where XXXX, new that specifically it PTI outlook sounds the name, confidence for year, unchanged the

That's Maybe be rig U.S. would count bucked trend some that's originally, year-to-date. contemplated provide Thank your do two to some on context helpful. you data that slightly points you. customers to the but context us the anything could have those of was maybe down a in extent,

Rob Saltiel

Thanks, Tommy.

right. XXX% You're

And natural to sector, despite being crude PTI independents. pricing and we that, little rig the the has of gas upstream constructive are bit pricing, is comprised and in the publicly fact large the heavily to traded businesses. and which former that moved levered volatility count a IOCs of off depressed the our that the feel around big continue We some part midstream very a

folks tended in like basins commodity set most a especially concentrated less to sensitive have advance have to Permian, tend we position. be swings CapEx the where prices, These their well plans and in to in prolific the

customers So in increases sector discussions the outlook percentage having customers seeing with everything that our we're of all year mid-teens we're our terms in having that suggest in the - intact. we're performance market this the of is the activity,

Tommy Moll

That's helpful. you. Thank

to the made I around refinancing. perfect follow-up, the don't a pivot you And wanted have understand As I certainly to comments here. you that visibility

it you path when here the get the is update think an forward? from reasonable? outside, we However, Do will that on

table do Is even and as the range thought through think might not be obviously, if options these on there preliminary here? the that of have now. have could listening anything I today the of insight a issues as deeply, any because Just may folks on lot you marketplace you

on So just help us you. Thank what's get up to going on. speed here

Rob Saltiel

mature Term was context setting, it Sure. be it loan what that to go with would B Well, went for The and last an refinance were to itself of conditions out Tommy, September really market 'XX. And favorable note doesn't maybe we opportunity try we until out helpful just to when Loan to opportunistic. saw refinance month, the we as motivated being by that.

we to created a relationship resolution. the this that prepared disagreement to our in think inception. have got its preferred complications with And a with we're it's disagreement. some shareholder, with through. now We've the great company since Unfortunately, as that involved comments, got to business we've mentioned I obviously, with The been we that are having obviously a preferred But come looking group. stockholders other has

So what be redemption be that to working too we definitive as favorable stakeholders. Tommy, shares structure, considered. a We would the discussion But timing. issue see hesitant will at in resolution of well I'm the of and that constructively preferred in in point as resolved time, terms are for something how of their potential outcome this this very could terms about to be be know is of all

with ABL the a to issues and news something point. us any very The lots we've we for as really that that ample are it course, that our to got address company, of gives that capacity time It's of is liquidity good team. on leadership gets refinancing if focused

that specific an be let about But shape. at too than reach do amicable sooner be take me may how resolution clear, rather We're can not that. if will this to later, resolution we point just we able

Tommy Moll

Thank tuned back. I'll it you. turn Will stay and

Rob Saltiel

Thanks, Tommy. Great.

Operator

your of is Stifel. with question Jones Please the next from line questions. proceed Our Nathan with

Adam Farley

Good Farley for morning. Adam on This Nathan. is

Rob Saltiel

Adam. Yes. Good morning,

Adam Farley

gross with moderating? product pipe, margin progression how gross line. the should I Are of start adjusted in adjusted And of we think about of outside morning. still you seeing which margin line wanted inflation is remainder your the Good for to categories any the I understand year?

Kelly Youngblood

take And With I'll that on margins year, it's pipe really, certainly, little We're last highs one. seen been rest in pipe. nice we Kelly. of the here tailwind some you some or No, saw the deflation is over that a nice for but it, again were kind the This pipe, line compared will quarter increases line counting tailwind year. said, though, recently, say been to seeing a of last the we've we said XXXX. line not in I those had some certainly, here so. of

of in the headwind with have. we line those, which I we one think in said valve margins, being roughly other we've margins a than But third or offset categories will as phone with automation couple that the improvements expect more be the [ph] pipe last offset think is piece. of in in we in of calls, business VAMI our product even

flanges overall products accretive overall is margin. to accretive fittings margins. stainless Our Carbon to our are and

improvements areas, those that. that offset seeing So in we're will help think we with

those non-line-pipe inflation we seeing but in stabilize our in know, price certainly have contracts to question increases. then And those to increases categories, you inflation kind some of to directly, we categories. opportunity as categories offset think more different And still windows some, there's your kind to answer start the I get are in non-commoditized we're seeing of more inflationary

see a system. the get second those year, more run the those half rate of this of two of still of in lot through have few We of starting increases last to full effect but got the a kind those year,

of So said, this margins. month-to-month, throughout with It we obviously, reiterating strongly will can we get still quarter-to-quarter, year. margins still our all that those fluctuate, but XX% we're feel

Adam Farley

helpful. funnel. wanted That's Do maybe provide Thank DIET some you of sector. you your It then in can your sounds there's energy project like the expect I you. to energy update more some year? of then to of And business? an transition really your also, strength a that through And Okay. lot to shift strength continue traditional on

Rob Saltiel

Yes. right. you're XXX% Adam. Look, that I'll take

first quarter versus Our DIET up exciting We're XX% sector has very us. been XXXX. for of the year-on-year

strength throughout across we'll Chemicals, see the seeing really We then we're the it project that the lot in driving quarter. Refining So board. a And mostly turnaround season see the and maximum refinery we activity. of the saw involved because the & in year that side, you'll with utilization on we're the Starting in summer months. driving refining get is after complete first

working But chemical on us. our That's got we're gaining there. market and penetrating that experts about share we before. new opportunity processes, to understand these new We're that really space, on for products. team a are growth with We've talked the customers some

been that for continue. So and for huge growth, really year refining chemicals look has that we in us a driver this to

I in the is markets LNG gas challenged very cheap us and as lots a This been that natural for for see supplies. gas forward this exciting us with an U.S. the the for quite leading going now few has their available being of opportunity exporter We LNG years. natural for comments, a As growth mentioned being with us. also prepared with area for are

in that currently that other number we're a we're tracking. We've got We've the are in. projects that hopper involved projects of got

of And think the DIET grow rest we our move decade. through to the continue business so LNG as part will we this of

of this project-oriented us. is time renewable year. spend when And those occur, we're is or we business. diesel/sustainable last it be built. for a Most doing on in on when this but didn't transition, booked I business in were and the to then That very orders of much wind too terms either tend aviation to are actually fuel they involves what prepared energy versus things this actually year And We're ahead projects. said, power where lumpy revenue continues along truck comments

start as this for But So this energy being signs to bit carbon And capture will little said, as growth transition and a going us. early space. us in a forward. vehicle see major lumpiness we're now that I we tracked available of be off and there we're projects year, for a of seeing good

a really, EPCs, and these with job our our deepen transition. we LNG great involved we're engineering, has as energy growth continue which to OEMs what is sector. the positioned done So this with in very projects, construction companies ties And getting serve we're well at in and really for procurement team and projects, that looking

Adam Farley

my you for taking Thank questions.

Rob Saltiel

Thank you. welcome. You're

Operator

[Operator from of Please proceed Newman next KeyBanc with is question Ken line with Our questions. the Capital Markets. Instructions] your

Ken Newman

Hey. guys. Good morning,

Rob Saltiel

Ken. Morning,

Ken Newman

sequentially. guidance Quickly up Morning. low single on being digits XQ the revenue

curious, there the mid think historical or on sequentially in the up gas that I'm more business I some maybe forward in single function deliveries? project potential pull utility first of extended something maybe second typically a like timing explaining on is trends? is some growth just the quarter help to would digits color softer the sales Any just versus high just quarter. the

Kelly Youngblood

But Yes. actually single that that up single Ken digits. a you're QX But I'll we into year be want low on. right. QX, down We percent QX. we're of least may we coming sequentially. guided exactly of would this to we were Usually, Rob couple up and remember, is kind mid kind at if probably Kelly. thought then sequentially to digits you of yes, take this add

that versus we the certainly ended half effect pull really, So you But March guiding in there mix up It's thought. to out what QX half actual in we're bit So we versus QX consensus, of forward some us. take implies the results spot full was QX hitting Street to revenue what way forecasted - on, just QX. a QX of that for here of had essentially in compare playing that first we're little in the there if is first that and we're right? back different

Ken Newman

on back utility the to Maybe it. gas Got side.

maybe timing comments, about that of little more utility levels? Is the bit returning And but function normal gas to I more missed a color this prepared there. in spending if supply challenges. you did chain a of talk more Sorry your

with While out want way deliveries that what was potentially you and getting the the it? issue the door

Rob Saltiel

No, said little there's this relationship It's for there. before, grown a just one I over look, continues year, that real business that to previous business to than really it's we've our company. XX%. mean as And years this commodity a utilities the X strong is be very business issue gas no has revenue And the XX% space quarter-on-quarter, better prices. gas even of at up clip. utility we've

our at And we're this looking think story across for to continue you that growth the backlog great In of our the in for first quarter business you a look of intact the and with going utilities gas guidance. other start is you very it slower. out to our bullish. the year this because if factors of see see and be little weather It's coming the But a sometimes I much just this gas gate, us and the utilities, projects outlook very year is year. for

Ken Newman

Okay.

back just So type to second return would clarify, Is a normalized assessment? correct quarter. that expect more you of the to kind to that of in levels sales

Kelly Youngblood

this look Actually, if utilities. improvement QX that Q, our remarks, that Yes. it, gas think missed in we're may I by prepared Yes, Ken. expecting at you the the is QX to driven have and I see you in said

Ken Newman

Got you.

if from and played seeing times distributors other oil cadence pretty currently? kind a It Or inventory Curious gas impacting that work out and of a year about lead down inventory decisions. me. I do you're the any from outside talking we've near-term the sizable the of sequential of of as think how progresses? heard both days, in the more like just maybe am you normalizing about looks step-up that inventory fields few a year-over-year curious, on and Just basis.

Rob Saltiel

one. here. to that obviously, inventory can take just if anticipation balance Look, I'll did absolutely by almost year. that We're increased when customers in the million think we I you we in sheet, activity And it. be inventory. ample of at our $XXX look that for they quarter-to-quarter business and And Yes, we increasing you sure need they need see that of our want we it sales where our inventory holding this had

for forecast That said, at at we year inventory as we're levels least peak this that.

continue cash down So see to bit our what work that inventory for guided a is flow full our year. we quite And will contribute that work the generation through the you'll we'll that obviously, we've to year. as

chain on getting But supply times are being Lead chains. The blockages right you're XXX% unstuck. supply are shorter.

And a confidence. now so where be limited timely a an position because sales amount going can to we're on generate basis just cadence, that be with going more with of able lot in on average inventory to a a replenish inventory to we're more we

consumed headed down and we that here. in the that of It's think quite year of actually fact going I is quarter. be cash million story. saw $XXX So million that in from more won't confidence you this our we inventory cash $XX maintain continue million you a again, to story And this generating year. like of building saw cash you will the to But $XXX generation this see contribute inventory last while builds to good why

Ken Newman

more Got in. it. Maybe if I could just one squeeze

of in reserves either if quarter Sorry the for of what second LIFO did this, I looking year? about you're balance for you the but or the for missed terms talk Kelly,

Kelly Youngblood

We did to saw, LIFO level. $X LIFO or but much - expect number, Last significantly at lower we I we at closer this income over were more still year, if this expense. of not probably a forget a much you specifically exact million expense the of million as $XX you little We do say And - I LIFO actually, quarter remember, so. mean that. year, bit just slightly

Ken Newman

Thanks. Understood.

Kelly Youngblood

Thank you.

Operator

for ended Thank At we've closing to time, the you. our back this question-and-answer session. remarks. I'll floor management hand

Monica Broughton

having today great look forward call joining We to interest for Have our you us on August. for you in MRC Thank conference Thank day. and Global. you. your second join in quarter us a

Operator

will you. Thank today's conference. This conclude

participation. at your disconnect Thank You may your for this you lines time.

MRC Global (MRC) 9 May 232023 Q1 Earnings call transcript