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MRC Global Inc. (MRC) has reported a 68.05 percent plunge in profit for the quarter ended Sep. 30, 2015. The company has earned $16.02 million, or $0.10 a share in the quarter, compared with $50.13 million, or $0.49 a share for the same period last year.
Revenue during the quarter plunged 33.80 percent to $1,071.19 million from $1,618.15 million in the previous year period. Gross margin for the quarter expanded 10 basis points over the previous year period to 17.28 percent. Total expenses were 95.98 percent of quarterly revenues, up from 94.24 percent for the same period last year. That has resulted in a contraction of 174 basis points in operating margin to 4.02 percent.
Operating income for the quarter was $43.11 million, compared with $93.20 million in the previous year period.