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Edgen Group Inc. (NYSE: EDG), Baton Rouge, LA, announced sales for the third quarter increased 17 percent from the prior-year period, to $534.6 million. Profit more than quadrupled to $10.4 million.
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Third-quarter sales from the Energy & Infrastructure segment increased 21 percent year-over-year to $295.6 million. Oil Country Tubular Goods sales grew 13 percent to $239.2 million.
Nine-month sales were $1.5 billion, an increase of 28.2 percent over the comparable period a year ago. Profit was $661,000 versus a net loss of $4 million for the first three quarters of 2011.
“In our E&I segment, we saw higher sales volumes in the U.S. midstream energy market and increased offshore upstream sales in the Asia/Pacific region.” Dan O'Leary, chairman and CEO, said. “At the same time, our OCTG segment sales increased through market share gains and improved sales product mix from rigs operating primarily in U.S. liquid-rich shale formations which require specialized alloy products.”