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Why MRC Global Stock Is Tumbling Today

TheMotleyFool

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Why MRC Global Stock Is Tumbling TodayPhoto, wide shot, wide-angle lens, Coal company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.midjourneyapi.xyz/temp/2a011bdc-adca-4de9-8457-d868b31178cf.png

Shares of MRC Global (NYSE: MRC) had plunged more than 15% by 1 p.m. ET on Tuesday. Weighing on the oil stock were its first-quarter results, which came amid a sell-off in the oil market.

MRC Global tallied $742 million of sales during the first quarter, 8% above last quarter and 22% higher than the year-ago period. Sales were also above the analysts' consensus estimate of $717 million. Earnings also exceeded expectations, with MRC reporting $0.17 per share compared to a $0.15-per-share consensus estimate.

Image source: Getty Images.

Source Fool.com

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