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MRC Global (MRC) Stock Gains on Earnings Beat

NEW YORK (TheStreet) -- Shares of MRC Global (MRC - Get Report) were gaining 14.4% to $14.50 with heavy trading volume on Friday after the pipe, valve, and fittings distributor beat analysts' estimates for earnings in the third quarter.

After the market closed on Thursday, MRC reported earnings of 10 cents a share for the third quarter, above analysts' estimates of 4 cents a share for the quarter. Revenue fell 34% year over year to $1.07 billion for the quarter, compared to analysts' estimates of $1.08 billion.

"The third quarter results reflect the continued decline in spending by our customers in response to the current oil and gas commodity price environment," Chairman, President, and CEO Andrew R. Lane said in a statement. "I'm pleased with our performance in this...