The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how infrastructure distributors stocks fared in Q4, starting with MRC Global (NYSE: MRC).

Focusing on narrow product categories that can lead to economies of scale, infrastructure distributors sell essential goods that often enjoy more predictable revenue streams. For example, the ongoing inspection, maintenance, and replacement of pipes and water pumps are critical to a functioning society, rendering them non-discretionary. Lately, innovation to address trends like water conservation has driven incremental sales. But like the broader industrials sector, infrastructure distributors are also at the whim of economic cycles as external factors like interest rates can greatly impact commercial and residential construction projects that drive demand for infrastructure products.

The 4 infrastructure distributors stocks we track reported a satisfactory Q4. As a group, revenues were in line with analysts’ consensus estimates.

While some infrastructure distributors stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.2% since the latest earnings results.

Slowest Q4: MRC Global (NYSE: MRC)

Producing bomb casings and tracks for vehicles during WWII, MRC (NYSE: MRC) offers pipes, valves, and fitting products for various industries.

MRC Global reported revenues of $664 million, down 13.5% year on year. This print fell short of analysts’ expectations by 8.7%. Overall, it was a disappointing quarter for the company with a miss of analysts’ Fittings revenue estimates and a significant miss of analysts’ adjusted operating income estimates.

Rob Saltiel, MRC Global’s President and Chief Executive Officer, commented, “We are optimistic about our business outlook for 2025 due to the rebound of our gas utilities business, the return of inflation to our product pricing, the growth of U.S. natural gas infrastructure investment and our penetration into chemicals, mining and data center markets. We are also very excited to announce today our new IMTEC joint venture which simplifies the development of smart meters for our gas utilities customers. We anticipate growth in all three business sectors in 2025 and for revenue to be up low to high-single digits. In addition, we expect to generate at least $100 million in cash from operations, achieve our target net debt leverage ratio of 1.5x by year end and to have ample cash to begin execution of our recently announced $125 million share buyback authorization.”

MRC Global delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. The stock is down 14.5% since reporting and currently trades at $9.50.

Read our full report on MRC Global here, it’s free.

Best Q4: DistributionNOW (NYSE: DNOW)

Spun off from National Oilwell Varco, DistributionNOW (NYSE: DNOW) provides distribution and supply chain solutions for the energy and industrial end markets.

DistributionNOW reported revenues of $571 million, up 2.9% year on year, outperforming analysts’ expectations by 3.4%. The business had an incredible quarter with a solid beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The market seems happy with the results as the stock is up 14.7% since reporting. It currently trades at $16.21.

Is now the time to buy DistributionNOW? Access our full analysis of the earnings results here, it’s free.

Core & Main (NYSE: CNM)

Formerly a division of industrial distributor HD Supply, Core & Main (NYSE: CNM) is a provider of water, wastewater, and fire protection products and services.

Core & Main reported revenues of $1.70 billion, up 17.9% year on year, exceeding analysts’ expectations by 1.7%. Still, it was a slower quarter as it posted a significant miss of analysts’ EPS estimates and a miss of analysts’ adjusted operating income estimates.

As expected, the stock is down 12.1% since the results and currently trades at $43.62.

Read our full analysis of Core & Main’s results here.

Watsco (NYSE: WSO)

Originally a manufacturing company, Watsco (NYSE: WSO) today only distributes air conditioning, heating, and refrigeration equipment, as well as related parts and supplies.

Watsco reported revenues of $1.75 billion, up 9.4% year on year. This number surpassed analysts’ expectations by 5.3%. It was an exceptional quarter as it also recorded a solid beat of analysts’ same-store sales and adjusted operating income estimates.

Watsco pulled off the biggest analyst estimates beat among its peers. The stock is down 4.9% since reporting and currently trades at $461.82.

Read our full, actionable report on Watsco here, it’s free.

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