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The company's sales were $862 million for the first quarter of 2017, which were 10 percent higher than the first quarter of 2016 and 20 percent higher than the fourth quarter of 2016. As compared to last year, increased customer activity primarily in the midstream sector drove the improvement.
Andrew R. Lane, MRC Global's president and chief executive officer stated, "We are confident the recovery in the oil and gas market is underway with first quarter 2017 revenue higher than any quarter in 2016. This quarter, we saw a 20 percent sequential increase in sales. This performance was driven by growth across all sectors with very strong performance in our midstream transmission and gathering sector as well as each of our Canadian and U.S. upstream businesses. Also this quarter, we completed the additional authorization of our stock repurchase program buying $18 million in stock for a total of $125 million since the program was implemented."
MRC Global's first quarter 2017 gross profit was $140 million, an increase from first quarter 2016 gross profit of $133 million.