McJunkin Red Man Reports Sales Up 26% For Second Quarter
McJunkin Red Man Corporation reported second quarter 2011 results. Sales were $1.17 billion, up 26% from 2Q10 and up 18% from 1Q11. The first six months of 2011 showed a 21% increase in sales when compared to the same period last year. The Company attributed these increases to “strengthening in MRC’s upstream and midstream end markets, which have been driven largely by improved activity levels in the oil and natural gas shale regions, and improvements in the overall business environment,” according to the press release.
Andrew R. Lane, Chairman, President and Chief Executive Officer, stated, “Our end markets in North America continue to improve. It was a solid quarter for us with 26% year-on-year quarterly revenue growth and improved profitability. We increased our inventories by $69 million during the quarter due to the increase in current and forecasted demand. We expect a good level of activity in the second half of 2011.”
Source: McJunkin Red Man Corporation