CORRECTED-MRC Global profit misses estimates on lower oil and gas prices

Tue Aug 7, 2012 6:42pm EDT

(Corrects first bullet point to clarify that the company reported adjusted earnings per share of 39 cents, not 36 cents)

* Second-quarter adj earnings $0.39/share vs est $0.41/share

* Second-quarter rev $1.43 bln vs est $1.44 bln

* Sees 2012 rev $5.50 bln-$5.65 bln vs est $5.65 bln

Aug 7 (Reuters) - Energy industry supplier MRC Global Inc reported a quarterly profit that missed analysts' expectations due to a fall in oil and natural gas prices, but the company raised its full-year revenue forecast.

MRC Global said it expects to benefit from long-term contracts with Royal Dutch Shell Plc and SandRidge Energy Inc in 2013 and 2014.

The Houston-based company, which went public in April, now expects 2012 revenue between $5.50 billion and $5.65 billion, up from its prior view of between $5.4 billion and $5.6 billion.

Analysts on average were expecting the company to earn $5.65 billion, according to Thomson Reuters I/B/E/S.

Net income rose to $31.3 million, or 32 cents per share, for the second quarter from $4.7 million, or 6 cents per share, a year earlier.

Excluding items, it earned 39 cents per share that missed analysts' expectations of 41 cents per share.

Included in the quarterly net income was an $11.4 million pre-tax charge related to the purchase and early retirement of a portion of MRC's senior secured notes.

Sales at the company, which is the distributor of pipe, valves and fittings and oilfield supplies, jumped about 22 percent to $1.43 billion, but came below analysts' estimate of $1.44 billion.

In the April-June quarter, U.S. crude oil prices fell 9 percent and natural gas prices have fallen 46 percent from last year.

Shares of MRC, which has a market capitalization of $2.41 billion, closed at $23.89 after touching a life-high of $24.38 earlier in the session on the New York Stock Exchange on Tuesday. (Reporting by Ritika Rai in Bangalore)