MRC Global Inc. (MRC) reported a net loss for the fourth quarter of $6.4 million or $0.06 per share, compared to net income of $3.6 million or $0.04 per share for the year-ago quarter.
Fourth quarter 2012 net loss included pre-tax charges totaling $0.61 per share related to the redemption of the company's outstanding 9.50% senior secured notes and the termination of a pension plan in the Netherlands. Excluding those charges, adjusted net income for the fourth quarter of 2012 was $56.4 million, or $0.55 per share.
Fourth quarter 2012 results reflected a $27.2 million benefit relating to the use of the last-in, first-out method of inventory cost accounting.
Sales for the fourth quarter remained essentially flat with last year at $1.31 billion.
Analysts polled by Thomson Reuters expected the company to earn $0.47 per share on revenue of $1.39 billion for the fourth quarter. Analysts' estimates typically exclude special items.
Looking forward to the full year 2013, the company forecast revenue of $$5.75 billion to $6.05 billion and earnings of $2.10 to $2.35 per share. Analysts currently expect the company to earn $2.49 per share on revenue of $6.14 billion for the full year 2013.
For comments and feedback: editorial@rttnews.com