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MRC Global Inc. (NYSE: MRC), Houston, TX, No. 1 on MDM's list of top pipes, valves and fittings distributors, reported sales for the second quarter of $1.4 billion, up 22 percent from the same period a year ago. Profit was $31.3 million, compared to $4.7 million a year ago.
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For the first six months of 2012, MRC's sales were $2.8 billion, up 30 percent year over year. Profit was $68.9 million, compared to $3.6 million in the prior-year period.
Within the company's North American segment, sales of $1.3 billion in the second quarter increased 17 percent over the second quarter of 2011. Increasing activity within the North American shale plays drove this increase, particularly in those areas with heavy concentrations of oil and wet gas.
International segment sales of $151 million in the second quarter of 2012 increased 102 percent over the same period in 2011 due to the acquisitions of Australia-based Stainless Pipe & Fittings and OneSteel Piping Systems, as well as 17 percent organic growth.
Second quarter 2012 sales to the upstream sector grew 22 percent to $657 million. Midstream sales increased 23 percent to $397 million. Second quarter 2012 sales to the downstream sector grew 23 percent to $377 million, driven by the company's Australian acquisitions, which are more heavily weighted toward the downstream sector than the company as a whole.