MRC Global Inc. MRC reported better-than-expected results for the first quarter of 2020. Reduced customer spending levels (in the oil & gas industry) due to the ill-effects of the coronavirus outbreak adversely impacted results.
The company’s adjusted earnings per share in the quarter were 1 cent, surpassing the Zacks Consensus Estimates of a loss per share of 5 cents. However, the bottom line plummeted 92.9% from the year-ago reported quarter’s earnings per share of 14 cents.