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Edgen Group Sales in 2012 Up 23%

Edgen Group Inc. (NYSE: EDG), Baton Rouge, LA, reported sales for 2012 of $2.1 billion, an increase of 23 percent from 2011. The distributor reported a net loss of $43.4 million, compared to a net loss of $4.2 million in 2011.

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Fourth-quarter sales were $522.1 million, an increase of 10 percent. Net loss was $44.1 million, compared to a net loss of $0.2 million in 2011.

“We believe the softness in E&I sales bookings experienced late in the fourth quarter of 2012 and early 2013 will result in a slower first half of 2013 compared to a year ago, but the second half of the year should support another year of sales growth. We expect a competitive environment across all end-markets along with continued pricing pressure for the products we distribute, particularly within the OCTG segment,” said Dan O'Leary, chairman and CEO.

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